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Supply, Demand, Equilibrium...SHIFTS! Flashcards | StudBud
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Supply, Demand, Equilibrium...SHIFTS!
Supply, Demand, Equilibrium...SHIFTS!
10 terms
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StudBud Administration
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1,374 plays
This is for Coach Russell's AP Macro classes at Apopka High School.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A price ceiling that is set below equilibrium would cause a ___________________.
demand shift
supply shift
surplus
shortage
2
A drought that destroyed the potato crop would cause a(n) ________________
increase in supply
decrease in demand
decrease in supply
increase in demand
3
The law of demand is illustrated by a ____________-sloping curve.
downward
underwater
sideways
upward
4
If the price of iphones decreases, this would cause a(n) __________________.
shift in demand
increase in quantity supplied
decrease in quantity supplied
increase in quantity demanded
5
If it rains hard tonight, the swim team umbrella sales should experience a ____________________
an increase in demand
increase in quantity demanded
an increase in quantity supplied
an increase in supply
6
A decrease in the price of petunias causes
a decrease in quantity demanded
an increase in demand
a decrease in demand
an increase in quantity demanded
7
There is a direct relationship between price and ______________.
substitute goods
quantity demanded
inferior goods
quantity supplied
8
The supply curve __________________
slopes downward
slopes sideways
slopes upward
is not important
9
Goods that you buy only when you are po are ______________ goods.
inferior
complement
superior
darter
10
Goods that "go together" like bikes and bike helmets are
superior
substitutes
inferior
complements
