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Economics Chapter 16.3 Supply & Demand Flashcards | StudBud
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Economics Chapter 16.3 Supply & Demand
Economics Chapter 16.3 Supply & Demand
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Answers
1
If producers leave the market, this will lead to
an empty market with no one left
increase in supply
decrease in supply
change in quantity supplied
2
Which of these can shift the supply curve?
Change in Goverment Policy
Change in Technology
Change in Consumer Expectations
Similar products are cheaper than the market product
3
Which of the following is a factor that can increase demand?
Students move out of a college town
People start receiving their tax returns
3D printers get cheaper to make
Fitbits go out of style
4
The amount of a product for sale at all prices at any time
Supply
Total Product
Aggregate Product
Demand
5
At $340, if QD is 20 and QS is 60. Is there a shortage or a surplus?
surplus
shortage
6
Which of the following would cause a rightward shift of the supply curve?
Workers go on strike at a factory
The gov't adds new taxes to car production
Pizza prices increase
Farmers buy better tractors to work with
7
A movement
along
the supply curve is caused by...
change in costs of production
change in price only
change in # of suppliers
change in technology
8
According to the Law of Supply, which would happen if the price was low?
Businesses supply less
Buyers buy less
Suppliers supply more
Doesn't matter, I will still shop at Dollar Tree.
9
If consumers expect bad things (high prices) to happen in the future, this will lead to
decrease in demand
increase in supply
10
How much quantity is
demanded
at $320?
20
40
60
11
When supply stays the same and demand increases, what happens?
P increases; Q increases
P increases; Q decreases
P decreases; Q increases
P decreases; Q decreases
12
What is a substitute good?
A good that is consumed with another good.
A good that replaces a different, similar good
13
The movement
along
the demand curve is a change in...
Quantity Supplied
Quanitity Demanded
Overall Demand
14
Which shifter would describe supply changing due to Target closing several locations?
Technology
Consumer Expectations
Costs of Production
# of Producers
15
Will there be a shortage or surplus of apartments when prices are set too low?
shortage
surplus
16
Hurricane Matthew hits Haiti and destroys their fruit crops. Effect on market for fruit?
P Decreases; Q Decreases
P Decreases; Q Increases
P Increases; Q Increases
P Increases; Q Decreases
17
When price increases the want for that good decreases. This is represents which Law?
The Law of Demand
The Law of Supply
18
Which of the following is a factor that can shift the
Supply
curve?
Complements
Substitutes
Number of Sellers in the market
Population
19
If the price of Peanut Butter increases, what will happen to the Demand for Jelly?
No Change
Decreases (shift left)
Increases (shift right)
20
Tap water in Flint Michigan is contaminated so people flock to grocery stores. Effect on market for
bottled water
?
Demand decreases
Supply decreases
Supply increases
Demand increases
