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Demand and Supply Flashcards | StudBud
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Demand and Supply
Demand and Supply
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StudBud Administration
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Answers
1
The point in which supply and demand intersect is called
X axis intercept
Meeting point
Y axis intercept
Equilibrium point (Price and Quantity)
2
This is the idea that the more money you have the more of a good you can demand.
Law of increasing marginal utility
Complementary effect
Substitute effect
Income effect
3
Taxes placed on businesses will cause their supply curves too...
Shift to the right
Stay the Same
All of the above
Shift to the left
4
This shift in demand curve from Q1 to Q3 represents....
Shortage
Excess Supply
Excess demand
Surplus
5
A change in price for an item will cause the supply curve too...
Shift to the left
Shift to the right
Stay the same
The slope increases
6
If there is a change in the QUANTITY SUPPLIED, the supply curve will...
No shift in Curve, movement on supply curve.
Shift to the right
Non of the above
Shift to the Left
7
This law states that the higher the price the fewer consumers are willing to buy.
Law of Demand
Law of Supply
Law of Marginal Utility
Law of Elasticity
8
A change in the number of consumers can cause…
Inflation
A substitution effect
The demand curve to shift
The quantity demanded to shift
9
which of the following is an example of an inferior product or good?
sea food
Boxed Mac and cheese
Fresh Italian Pasta
Thick Cut Stake
10
Using the Graph, determine the points that demonstrate the Producer surplus.
MSC=MBC
bcd
abc
adb
11
This would cause a demand curve to shift.
all of the above
Expectations change
Consumer expectations
Income effect
12
The idea that producers are willing to produce more if the price is higher.
Law of elasticity
Law of consumer consciousness
Law of demand
Law of supply
13
How does the demand curve respond to an increase in demand?
The curve shifts to the left
There is no change in the curve
The curve shifts right
There is movement along the curve
14
New technology will cause the supply curve too...
All of the above
Stay the same
Shift to the left
Shift to the right
15
A subsidy put on production of a good will cause the supply curve too...
Stay the same
Play Marco Polo with Marco Polo
Shift to the right
Shift to the left
16
which if the following statements are NOT true!
Supply curve represents producers (firms)
The law of Suppy states that as supply goes up, prices go up
Demand curve represents consumers (households)
Change in DEMAND & Change in QUANTITY DEMANDED are the same
17
Which of the following are substitutes?
Peanut Butter and Jelly
Milk and Cereal
Cows Milk and Almond Milk
Guns and Butter
18
Which of the following would cause a change in the quantity demanded for a product?
Changing consumer tastes
Increasing consumer income
Changing prices of related products
Decreasing the price of the product
19
Which of the following are complements
milk and cereal
guns and butter
coke and pepsi
Cows milk and almond milk
20
If the is a increase in both the supply and demand of a good. we would expect...
equilibrium point to shift to the left
equilibrium point to shift up
Equilibrium point to shift down
Ambitious - not enough information
21
See image for question.
Excess Supply
Excess Demand
Producer Surplus
Consumer Surplus
