Home Library Explore SAT

Home Library Explore SAT

Supply and Demand Flashcards | StudBud

Explore/Supply and Demand

Supply and Demand

10 terms·StudBud Administration·91 plays

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What is this curve?
Supply
Inelastic demand
Elastic Demand
Marginal Costs
2
What does this curve show?
Expansion of demand
Left shift in demand
Contraction of demand
Right shift in demand
3
What could cause a right shift in supply?
Decrease in demand
Higher minimum wage
New laws
Cheaper raw materials
4
Which of these products are likely to have inelastic demand?
Petrol
Furniture
Alcohol
Chocolate
5
What could cause the shift in supply from S1 to S2?
Increase in availability of raw materials
Higher minimum wage
Increase in demand
Government subsidy
6
What generally happens to demand if price falls?
Stays the same
Decreases
Excess supply
Increases
7
A left shift in demand is caused by rising prices
False
True
8
What makes demand effective?
When it is decreasing
When people have the ability to pay
When it is increasing
When there are lots of substitutes
9
What happens to supply when price decreases?
Decreases
Increases
Stays the same
10
Which of the following would cause a right shift in demand?
Competitor reducing prices
Negative press
Effective advertising campaign
Decreased prices