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Supply and Demand Quiz review (Snyder Version) Flashcards | StudBud
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Supply and Demand Quiz review (Snyder Version)
Supply and Demand Quiz review (Snyder Version)
12 terms
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StudBud Administration
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223 plays
Economics class #supplyanddemand
Flashcards
12 cards
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Practice quiz
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Host live
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Questions
12
Answers
1
What is Demand?
just want to buy stuff
the desire to buy something cheap
the willingness to buy specific quantities of a good
when you want to buy something that is too expensive
2
If the demand increases, so does the.......
supply
quality
price
producer
3
A popular singer announces his retirement from the music industry. What will most likely happen to the price his music?
it will go up
it will stay the same
price will go down
it will go down
4
Consumers want to buy at the highest price.
False
True
5
______________ is the amount consumers pay for a good or service.
price
revenue
profit
cost
6
Producers want to sell at the highest price.
True
False
7
Businesses buy or hire ________________.
resources
material
people
products
8
What is supply?
Water, land or labor
profit
The good or service for sale
cost
9
When the price of a resource changes, the cost of the good or service changes.
True
False
10
Why would the new Iphone price be high during the Holiday Season?
Demand is low
Quality is low
Very low supply of Iphones
Demand is high
11
What is a determinant of Demand?
changes in income
all of these
changes in expectations of buyers
changes in style and color
12
A drought in Western Africa has severely limited cocoa production. What will most likely happen to the price of chocolat
there is no price
It will stay the same
it will go up
it will go down
