stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply and Demand Test Review Flashcards | StudBud
Explore
/
Supply and Demand Test Review
Supply and Demand Test Review
11 terms
·
StudBud Administration
·
360 plays
Supply and Demand
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
Which of the following is not a condition that must be present for Demand to exist?
All of the above
Ability
Willingness
Coupons
2
What will happen if the seller charges $1.00 for this product?
There will be a surplus.
There will be a shortage.
There will be market equilibrium.
The seller will run out of inventory.
3
What will happen if the seller charges $.25 for this product?
They will make a lot of money.
There will be a shortage.
There will be market equilibrium.
There will be a surplus.
4
What kind of curve is illustrated here?
Supply
Demand
None of the above
Equilibrium
5
What will happen to the equilibrium price for water based on this article?
Earth will run out of water.
The price will not be affected.
The price will fall.
The price will rise.
6
What is the best approximate price to charge for this product?
$.50
$.75
$1.00
$.25
7
What economic concept is illustrated by this video clip?
Shift in Demand
Shift in Supply
Market Equilibrium
None of the Above
8
What will happen to the supply curve for oil based on this information?
It will be vertical.
It will shift right.
It will remain unchanged.
It will shift left.
9
What kind of curve is this?
Demand
Inelastic
Equilibrium
Supply
10
Which law does this diagram illustrate?
Law of Demand
Law of Diminishing Returns
Law of Supply
Murphy's Law
11
Wal-Mart cuts the price of bottled water, but it has not effect on sales. Why?
Bottled Water is Elastic.
None of the above.
Nobody shops at Walmart.
Bottled Water is Inelastic.
