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Supply & Demand Q11 2023 and 2024 Flashcards | StudBud
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Supply & Demand Q11 2023 and 2024
Supply & Demand Q11 2023 and 2024
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1
If the price of gasoline increases, what happens to the demand of automobiles?
The demand curve shifts to the left
The price increases
The price decreases
The demand curve shifts to the right
2
The market equilibrium is currently at A. If the price of the substitute decreases . . .
The demand curve shifts to the left
The market equilibrium moves to point B
The market equilibrium remains the same
The demand curve shifts to the right
3
What does NOT determine the demand curve to typically have a negative slope?
Marginal utility theory
Law of Supply
Law of demand
4
The supply curve illustrates an important relationship: as price increases, quantity supplied:
Remains the same
Decreases
You won't choose this one - SAD!
Increases
5
If the demand curve of an inferior good shifted to the right, what probably happened?
Population decreased
Fewer people prefer those goods now
Income has decreased
Income has increased
6
The "P" Quadrant falls below and above the original Equilibrium
False
True
7
If the demand curve and the supply curve both shift to the left, what happens?
The market price decreases
The equilibrium quantity increases
The equilibrium quantity decreases
The market price increases
8
If the demand curve shifts to the left and the supply curve shifts to the right, what happens?
The equilibrium quantity decreases
The market price increases
The market price decreases
The equilibrium quantity increases
9
D1 is the current demand curve. Which option is NOT CORRECT?
The price of the substitute decreases, so D1 shifts to D2
More people immigrated into the country, so D1 shift to D2
Consumers expect the price to increase, so D1 shifts to D2
Income increased, so the inferior good mkt, D1 shifts to D3
10
What might cause the demand curve to shift to the left? (from D1 to D3)
The price of the substitute increased.
The price of the complementary good decreased.
The resources to produce this product become more expensive.
A lot of people have moved to other countries.
11
Which direction do we shift the Supply Curve if we believe there will be less of that particular product?
to the left
to the right
