stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Demand, Supply, and Equilibrium Review Flashcards | StudBud
Explore
/
Demand, Supply, and Equilibrium Review
Demand, Supply, and Equilibrium Review
15 terms
·
StudBud Administration
·
196 plays
A #demand #supply #equilibrium #economics review
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
Which of the following would cause the change in equilibrium in the graph shown?
A decrease in producers
A decrease in resource costs
A decrease in price
An increase in technology
2
What is happening to the equilibrium in the graph shown?
price and quantity increasing
price increasing and quantity decreasing
price and quantity decreasing
price decreasing and quantity increasing
3
What is the quantity demand of chocolate bars if there is a price floor of $1.60?
500
200
100
400
4
What is the quantity supply of chocolate bars if there is a price floor of $1.60?
400
100
200
500
5
What is the equilibrium quantity on the graph?
200
100
300
400
6
What is happening to the price and quantity of the equilibrium shown in the graph?
price increasing and quantity decreasing
price and quantity decreasing
price and quantity increasing
price decreasing and quantity increasing
7
People liking french fries more than before would
Increase price and quantity
Decrease price and increase quantity
Increase price and decrease quantity
Decrease price and quantity
8
An increase in the price of bananas would
Increase supply
Increase demand
Increase quantity demand
Increase quantity supply
9
The cost of wood, a component of building houses, decreasing in price would
Decrease price and increase quantity of houses
Decrease price and quantity of houses
Increase price and quantity of houses
Increase price and decrease quantity of houses
10
An increase in population would
Increase supply
Increase quantity demand
Increase demand
Increase quantity supply
11
What would cause the change in equilibrium in the graph?
Expectations of lower prices in the future
Lower population of consumers
Better technology
Increasing prices of substitute goods
12
What is the quantity supply of chocolate bars if there is a price ceiling of $1.60?
300
500
100
200
13
A decrease in the cost of resources would
Increase quantity supply
Increase demand
Increase quantity demand
Increase supply
14
What is the equilibrium price on the graph?
6
4
2
8
15
A decrease in the price of soft drinks would
Increase demand
Increase quantity supply
Increase quantity demand
Increase supply
