Supply & Demand Review

Question 1

Which of the following IS NOT a determinant of supply?

Accepted Answer

Taste

Question 2

What is the most appropriate title for this graph?

Accepted Answer

Supply and price change

Question 3

What would cause the following to occur?

Accepted Answer

Better Technology

Question 4

What is the equilibrium quantity in the following graph?

Accepted Answer

10

Question 5

Equilibrium Price goes from _________ to __________ in this example.

Accepted Answer

3 to 4

Question 6

What would cause the following change?

Accepted Answer

Change in price

Question 7

What would cause the shift in this graph?

Accepted Answer

Inpust costs go up

Question 8

When a surplus occurs, suppliers tend to

Accepted Answer

Lower Prices

Question 9

What would cause the following change?

Accepted Answer

Income goes up

Question 10

Coke and Pepsi are substitutes, when the price of coke increases, demand for pepsi____?

Accepted Answer

Increases

Question 11

Which of the following IS NOT a determinant of demand?

Accepted Answer

Number of Sellers

Question 12

What is the equilibrium price in the following graph?

Accepted Answer

30

Question 13

What does the following graph show?

Accepted Answer

Change in Quantity Demand

Question 14

As price goes up, quantity supplied goes up

Accepted Answer

Law of Supply

Question 15

What would be an appropriate title for the following graph?

Accepted Answer

Price Ceiling

Question 16

What would the following graph cause?

Accepted Answer

<p>Shortage</p>

Question 17

As price goes up, quantity demand goes down

Accepted Answer

Law of Demand

Question 18

Which is an appropriate title for the following graph?

Accepted Answer

Increase in Deamnd

Question 19

If the price of toothbrushes increases, than demand for toothpaste will__________

Accepted Answer

Decrease

Question 20

Which is an appropriate title for the following graph?

Accepted Answer

Increase in Supply

Questions 20