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Supply and Demand Shifts Flashcards | StudBud
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Supply and Demand Shifts
Supply and Demand Shifts
15 terms
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StudBud Administration
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Practice for Supply and Demand Shifts
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Market: Hot Chocolate; Consumer income falls because of recession. HC considered "normal good"
Demand shifts left (D)
Supply shifts right (A)
Supply shifts left (B)
Demand shifts right (C)
2
If "demand shifts right," demand is...
increasing
not changing
decreasing
3
Market: iPhone; A poll discovers that Android is a more preferred operating sys. *yeah, right!
Supply shifts left (B)
Demand shifts left (D)
Supply shifts right (A)
Demand shifts right (C)
4
If "demand shifts left," the price of the good will...
not change
decrease
increase
5
Market: Milk; The price of milk increases slightly.
Demand shifts right
No noticeable change.
Demand shifts left
Supply shifts left
6
Market: Hot Chocolate; The price of whipped cream falls.
Supply shifts left (B)
Demand shifts left (D)
Supply shifts right (A)
Demand shifts right (C)
7
If "supply shifts left," supply is...
decreasing
increasing
not changing
8
If "supply shifts left," the price of the good will...
decrease
increase
not change
9
Market: Hot chocolate; The Surgeon General announces that hot chocolate cures disease.
Supply shifts right (A)
Demand shifts right (C)
Supply shifts left (B)
Demand shifts left (D)
10
Market: Hot Chocolate; The price of tea, a substitute for hot chocolate, falls
Supply shifts right (A)
Demand shifts right (C)
Supply shifts left (B)
Demand shifts left (D)
11
Market: Hot Chocolate; The price of cocoa beans decreases.
Supply shifts left (B)
Supply shifts right (A)
Demand shifts right (C)
Demand shifts left (D)
12
If "demand shifts left," demand is...
not changing
decreasing
increasing
13
If "supply shifts right," supply is...
decreasing
not changing
increasing
14
Market: Hot Chocolate; A better method of harvesting cocoa beans is introduced.
Demand shifts left (D)
Supply shifts left (B)
Demand shifts right (C)
Supply shifts right (A)
15
Market: Hot Chocolate; Winter starts and the weather turns sharply colder
Demand shifts right (C)
Supply shifts left (B)
Demand shifts left (D)
Supply shifts right (A)
