stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Markets (Supply, Demand, Prices & Market Structure) Flashcards | StudBud
Explore
/
Markets (Supply, Demand, Prices & Market Structure)
Markets (Supply, Demand, Prices & Market Structure)
18 terms
·
StudBud Administration
·
146 plays
Economic Markets
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
Using your gas to drive from store to store to find a calendar of National Parks is a/an
elasticity
supply shock
inventory
search costs
2
What can economists predict by creating a demand curve?
How many normal goods consumers will buy
How much of a good will sell at different prices
How much producers will make
How many inferior goods consumes will buy
3
When a market is balanced between supply and demand what does it show?
equilibrium
surplus
disequilibrium
shortage
4
How does the % of your budget you spend on a good effect its elasticity?
You only buy the good if it is a necessity
You only buy the good if it is a luxury
You only buy the good if there are many substitutes
You only buy the good if it has good complimentary goods
5
When the price of mountain dew drops what happens 2 the demand of substitute mntn lightening
It reaches equilibrium
It stays the same
It decreases
It increases
6
If demand for a good is elastic, what will happen when the price increases?
Quantity demanded will decrease
Quantity demanded will reach equilibrium
Quantity demanded will increase
Quantity demanded will stay the same
7
Pickles, Lettuce & Tomato are __________ for Cheeseburgers *What is your BEST answer?
substitutes
inferior
compliments
elastic
8
What is the problem with monopolies?
There are few barriers to entry
They may make a collusion
They have a differentiated product
They can use their market power to charge higher prices
9
Which market structure has the most power over prices?
monopoly
oligopoly
perfect competition
monopolistic competition
10
Why does the government regulate oligopolies?
to maintain authority over planning the economy
to maintain competition in the market and protect consumers
to decrease competition
to get more excise tax
11
According to the law of demand, what will happen when the price of TVs increase?
demand will increase only slightly
demand will decrease
demand will stay the same
demand will increase
12
Which market has the cheapest prices because there is more competition?
monopoly
oligopoly
perfect competition
imperfect competition
13
It's a stormy winter & stores sell lots of shovels & sleds. What caused demand for these items?
consumer expectations
substitution effect
demographics
income effect
14
Minimum wage is an example of
price floor
shortage
surplus
price ceiling
15
As people want to continue taking selfies we will most likely see:
an increase in demand for selfie sticks
an increase in the demand for Polaroid cameras
a decrease in supply of smart phones
more elasticity
16
When incomes increase consumers demand more ___ goods and less___ goods
inferiori; normal
complimentary; substitute
substitute; complimentary
normal; inferior
17
What is the quickest way to solve a shortage of headphones?
suppliers should lower the price of the headphones
none of the above
consumes should buy only inferior brand of headphones
suppliers should raise the price of the headphones
18
When the price of oil rises, what will happen to oil production in an oil-rich country?
Oil production will decrease
Substitutes for oil will increase
Oil production will increase
Oil production will stay the same
