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Supply and Demand Flashcards | StudBud

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What is the law of supply?

What is elasticity of demand?

Supply and Demand

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Questions 11

Answers

1
What is elasticity of demand?
The change in quantity demanded of a good
The change in supply of a good
The change in price of a good
The change in income of consumers
2
What is the law of supply?
No relationship
Indirect relationship
Direct relationship
Inverse relationship
3
What is a price floor?
A fixed price set by producers
A maximum price set by the government
A flexible price determined by the market
A minimum price set by the government
4
What is a price ceiling?
A maximum price set by the government
A minimum price set by the government
A flexible price determined by the market
A fixed price set by producers
5
What is elasticity of supply?
The change in quantity supplied of a good
The change in income of producers
The change in price of a good
The change in demand of a good
6
What is a complement good?
A good that cannot be produced
A good that can be used in place of another good
A good that complements another good
A good that has no relationship with another good
7
What is the equilibrium price?
Price at Market Price
Price above Market Price
Price of zero
Price below Market Price
8
What causes a shift in the supply curve?
Change in price
Change in demand
Change in technology
Change in income
9
What causes a shift in the demand curve?
Change in income
Change in price
Change in technology
Change in supply
10
What is the law of demand?
Inverse relationship
Direct relationship
Indirect relationship
No relationship
11
What is a substitute good?
A good that cannot be produced
A good that has no relationship with another good
A good that complements another good
A good that can be used in place of another good