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Supply & Demand
Supply & Demand
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Review for Supply and Demand Test
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
If Green Bean Manufactures kept their price at the OLD equalibrium this would cause ___________
a new shift in supply
a surplus
a shortage
another drought
2
If demand shifts to the left prices will __________ and quantities will _____________
go up, go up
go down, go up
go down, go down
go up, go down
3
A price that is HIGHER than equilibrium will cause a __________ in the market.
equilibrium
surplus
demand to be greater than supply
shortage
4
If there is a surplus, Quantity Demanded is ____________ than quantity supplied
lower
higher
it depends
the same
5
This change in the market causes Equilibrium Prices to _________ and Quantities to _________
up, down
up, up
down, up
down, down
6
If a good is a need then the demand is
unit elastic
at equilibrium
inelastic
elastic
7
The following products would be considered Compliments
pepsi and coke
french fries and tots
hamburgers and chicken sandwiches
hot dogs and hot dog buns
8
Which of the following would increase the price of Dog Food
an increase in the demand for dog food
a decrease in the demand for dog food
many dogs die of a terrible disease.
an increase in the supply of dog food
9
If the quantity demanded is 200 and the quantity supplied is 50 how much is the shortage?
250
200
150
50
10
If the price of pepsi goes up, what will happen to the demand for coke?
it will stay the same
it will decrease
who knows coke tastes horrible anyway
it will increase
11
Look at the Graph. If this is the Market for Green Beans what might cause this to happen.
New Technology helps grow more green beans
Aaron Rodgers does a commercial for green giant
A drought destroys much of the green bean crop
People find out green beans cause cancer
12
Any arrangement that brings buyers and sellers together is called:
Goods and Services
Thanksgiving
A Market
The hallway
13
To get the MOST profit a company will produce ___________________.
Wherever it wants
where MC=Price
where quantity is highest
Where Price = Revenue
14
What two shifts (one of demand/one of supply) will definitely cause equilib prices to decrease?
demand up, supply down
supply down, demand down
demand up, supply up
demand down, supply up
15
One example of a price floor is
rent control
shortages
minimum wage
cap and trade
16
What is it called in a market when buyers buy exactly the same amount as sellers want to sell.
disequilibrium
equilibrium
surplus
shortage
17
If you raise the price of the product and your total revenue goes down then the demand is
elastic
inelastic
equilibrium
unit elastic
18
When their is a Shortage in a market the Price will
it depends
Increase
Stay the Same
Decrease
19
If your income increases what will happen to your demand for an inferior good (like spam)?
it will decrease
nothing
spam is delicious
it will increase
20
the highest price you are LEGALLY able to pay is called
shortage
price floor
equlibrium
price ceiling
