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Supply, Demand, Prices, and Elasticity Flashcards | StudBud
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Supply, Demand, Prices, and Elasticity
Supply, Demand, Prices, and Elasticity
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This is a review of demand, supply, price signals, incentives, and elasticity
Flashcards
22 cards
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Questions
22
Answers
1
If the price of a product increases by $100, what signal does this send to consumers?
Heck, I don't know
Buy
You may buy, but be cautious
Don't buy
2
You want to go to a concert that is tomorrow night!What is the elasticity of demand for tickets
Less elastic
Unit (perfectly) elastic
More elastic
3
Which business structure has low start-up costs?
Sole Proprietorship
Partnership
Franchise
Corporation
4
You decide that the brand of the truck you buy doesn't matter. More or less elastic?
Unit (perfectly) elastic
Nope.
More elastic
Less elastic
5
Which business structure usually has greater freedom AND very little government regulation?
Franchise
Sole Proprietorship
Corporation
Partnership
6
Which business structure has divided responsibility?
Franchise
Corporation
Partnership
Sole Proprietorship
7
The apocalypse is here.You get to the store and there is one can of food left. Elasticity?
More elastic
Less elastic
What does it matter. Apocalypse-I'm dead
Unit (Perfectly) elastic
8
Which of the business structure typically is associated with brand names?
Sole Proprietorship
Partnership
Franchise
Corporation
9
Which business structure allows all decisions to be yours?
Sole Proprietorship
Franchise
Corporation
Partnership
10
If the price of a hamburger decreases by $0.25, what does this signal to the consumer?
Don't buy
You may buy, but be cautious
You may not buy, but be cautious
Buy
11
What would happen to the supply curve if all machinery stopped working?
Supply curve would shift to the left
Supply curve would shift to the right
Supply curve would stay where it is
The supply curve would stop working
12
You always buy Chevy.The price of the truck you want just went up 30%.(more or less elastic?)
More elastic
Less elastic
Obviously not this one
Unit (perfectly) elastic
13
There's a sale! You can BOGO free. What's the incentive?
There isn't an incentive
You can buy one, get one free
This sounds awful
That you get to go shopping
14
You just won the lottery! you decided to buy a sports car! Elasticity?
Yeah right. Nobody wins the lottery
Less elastic
More elastic
Unit (perfectly) elastic
15
Which business structure is easy to form?
Partnership
Corporation
Franchise
Sole Proprietorship
16
Which business structure typically is made up of a lot of stockholders?
Franchise
Sole Proprietorship
Corporation
Partnership
17
Which of the following would NOT cause the Demand curve to shift?
Substitute good price increases
Change in price
Increase in consumer tastes
Complementary good price decreases
18
Which business structure is usually taxed double?
Sole Proprietorship
Corporation
Partnership
Franchise
19
Which of the following is not a business structure?
Stockholder
Sole Proprietorship
Franchise
Partnership
20
You are offered two different jobs.One is offering you a signing bonus.What is the incentive?
Signing bonus
More money
You get to work two jobs
Choice between two jobs
21
You are thinking about getting new tires,but know that you don't need them soon. Elasticity?
More elastic
Less elastic
Unit (perfectly) elastic
22
Which business structure has divided profits AND divided authority?
Corporation
Partnership
Sole Proprietorship
Franchise
