A decrease in the price of cereal will cause a

the demand curve for milk to shift to the right

The price of peanut butter increases so...

the demand curve for jelly will shift left

If the government places a tax on high fructose corn syrup...

the supply curve for it will shift left

The Law of Demand basically says that as the price of a good increases...

consumers will buy less of that good

The Law of Supply basically says that as the price of a good increases...

producers will supply more of that good

An increase in the price of tomatoes will cause a

decrease in the supply of pizza

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Unit 2 Review for Final

15 termsStudBud Administration214 plays

Curves, #elasticity, #shifts, #pricefloors, #priceceilings-supply & demand #marketstructures

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Questions 15

Answers

1
A decrease in the price of cereal will cause a
the demand curve for milk to shift to the left
the equilibrium price for milk to remain the same
the supply curve for milk to shift to the right
the demand curve for milk to shift to the right
2
The price of peanut butter increases so...
the demand curve for jelly will shift right
the demand curve for jelly will shift left
the supply curve for jelly will shift right
the supply curve for peanut butter will shift right
3
This has one seller & the highest barriers to entry w/the most control over prices
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
4
Little Caesars selling more pizza when they lower their prices is an example of ...
Law of Supply
Law of Demand
a price ceiling
a price floor
5
Chips and salsa are _; this means that if chips increase in price, Qd of salsa will _
Complements; decrease
Substitutes; increase
Substitutes; decrease
Complements; increase
6
When there's agreement on the quantity of Chipotle supplied with the Qd of Chipotle, there is _
peace on earth
a surplus
equilibrium
a shortage
7
Which of the following has the most elastic supply?
cars
wheat
water
legos
8
If the government places a tax on high fructose corn syrup...
the supply curve for it will shift right
the demand curve for it will shift right
None of the above
the supply curve for it will shift left
9
The Law of Demand basically says that as the price of a good increases...
consumers will buy less of that good
consumers will buy more of that good
the more suppliers there will be
producers will supply more of that good
10
What can you conclude if the equilibrium price of a good drops & equilibrium quantity decreases
Supply increased
Demand increased
Supply decreased
Demand decreased
11
Perfect competition exists when...
Identical products are for sale
Many firms compete against each other
There are low barriers to entry
All of the above
12
The Law of Supply basically says that as the price of a good increases...
producers will supply more of that good
consumers will buy less of that good
the more suppliers there will be
consumers will buy more of that good
13
Nike, Adidas, Converse, Reebok, etc. offer slightly different kinds of shoes in this structure.
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
14
An increase in the price of tomatoes will cause a
increase in the supply of pizza
decrease in the demand for cereal
increase in the demand for soup
decrease in the supply of pizza
15
What is the equilibrium price and quantity in the graph?
55000; 18
60000; 15
55000; 12
60000; 14

Unit 2 Review for Final Flashcards | StudBud