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Supply and Demand Practice Flashcards | StudBud
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Supply and Demand Practice
Supply and Demand Practice
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Flashcards
18 cards
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Questions
18
Answers
1
Product: Grapes
Headline: EPA Bans Pesticide Use near Waterways - production more expensive
price decreases, quantity increases
price increases, quantity increases
price increases, quantity decreases
price decreases, quantity decreases
2
Market: sneakers Headline:
Macy's to have huge semi-annual shoe sale next month!
quantity demanded decrease
quantity demanded increase
demand decrease
demand increase
3
Product: Universal Studios tickets
Headline: Univ. Studios to Open Harry Potter Themed World
demand decreases
demand increases
supply increases
supply decreases
4
Product: Movie Tickets Headline:
Average income Declines for Workers around the Country
supply decreases
demand increases
supply increases
demand decreases
5
Product: Chicago Hotdogs
Headline: Vienne beef announces price increase on all products
Supply increase
No Shift
All shift
Demand decrease
6
Market: roses
Headline: 20% off sale on all flowers
demand increase
quantity demanded increase
quantity demanded decrease
demand decrease
7
Product: Beats by Dr Dre
Headline: People find out Dr. Dre Convicted of Murder
supply increased
supply decreases
demand decreases
demand increases
8
Product: Kidney Transplants
Headline: New breakthrough process makes donated kidneys compatible for all
supply decreases
demand increases
supply increases
demand decreases
9
What is the
inverse relationship
between price and quantity demanded?
P decreases, QD is unknown
P decreases, QD decreases
P increases, QD increases
P increases, QD decreases
10
Product: Amazon Phone
Headline: No one cares about Amazon's new phone
supply increases
demand increase
supply decreases
demand decreases
11
Product: Video Games Headline:
Gamestop Announces That Next Year Prices Will Be Raised by 10%
quantity supplied increases
quantity demanded increases
supply increases
demand increases
12
Product: New Jeep SUV's
Headline: Buyers Reject New Car Models
Supply increase
Demand increase
Supply Decrease
Demand decrease
13
Product: restaurant food
Headline: Chicago to increase minimum wage to $15 an hour
Supply decrease
Demand increase
Supply increase
Demand decrease
14
Product: Swiss Miss Hot Chocolate
Headline: Cocoa Bean Shortage!
Supply decrease
Demand increase
Supply increase
Demand decrease
15
Market: sweet potatoes
Headline: A major drought causes crops to fail.
demand increase
quantity demanded decrease
supply decrease
quantity demanded increase
16
Product: Bears Football Tickets Headline: NFL
Raises Prices on Football Game Tickets
QD increases
QD decreases
demand increase
Supply decrease
17
What is
demand
?
willingness and ability of buyers to purchases goods
ability of buyers to purchase goods
willingness and desire of buyers to purchase goods
willingness of buyers to purchase goods
18
Product: shrimp
Headline: Hurricane destroys fishing industry ports.
demand increases
demand decreases
supply decreases
supply increases
