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Unit 2: Demand and Supply
Which of the following explains the graph?
What is the EP and EQ?
Unit 2: Demand and Supply
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Supply and Demand
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Answers
1
What is the E
P
and E
Q
?
$1.40; 600
$1.20; 600
$1.50; 500
$1.20; 700
2
Which of the following explains the graph?
An increase in the price of a product.
Demand for Coke after Pepsi goes up in price.
Supply of cars after the invention of a new machine.
A decrease in the quantity supplied.
3
Which of the following is not a determinant of demand?
Expectations
Tastes
Price
Number of Sellers
4
Price ceilings are designed to protect _____, while price floors are meant to protect _____.
Producers; Consumers
Product Market; Resource Market
Consumers; Producers
Resource Market; Product Market
5
Which of the following explains the graph?
A change in RATNEST
Demand for a normal good after a promotion.
New technology that has allowed faster production.
The expectation of a future sale today.
6
Which of the following would not shift the supply curve?
Income
Change in Input Costs
Taxes/Subsidies
Expectations
7
The graph below shows?
Inelastic Demand
Elastic Supply
Elastic Demand
Inelastic Supply
8
Which of the following is an example of a price ceiling?
Price set by government for agricultural goods
Minimum ticket prices set by Ticket Master
Minimum wage
Rent control in NYC and San Francisco
9
The measurement of how sensitive a product is to a change in price is referred to as?
Elasticity
Change in Quantity Supplied
Equilibrium
Change in Demand
10
Mass produced goods are typically a good example of?
Elastic Supply
Elastic Demand
Inelastic Supply
Inelastic Demand
11
When the price of an item decreases, your purchasing power increase due to -
Income Effect
Substitute Effect
Related Goods
Substitute Goods
12
A price ceiling results in -
A shortage
A surplus
A new equilibrium
A decrease in Demand
13
When the price goes up, so too does the quantity according to?
Law of Demand
Equilibrium
Law of Supply
The Lord
14
Which of the following could shift the demand curve for an inferior good to the left?
A decrease in the price of a compliment
An increase in consumer incomes
An expectation of an increase in the price
An increase in the price of a substitute
15
Price F on the graph below is known as?
Price Floor
Price Ceiling
Goverment Taxes
Government Subsidy
16
Which of the following is an example of a substitute?
Coke and Pepsi
Baseball and Glove
Chips and Salsa
Puck and Hockey Stick
17
How would a shift from S1 to S2 change price and quantity?
P = Down; Q = Down
P = Up; Q = Up
P = Down; Q = Up
P = Up; Q = Down
18
The graph shows?
Change in Price
Equilibrium
Demand
Supply
19
Movement along the curve from point A to point B was caused by?
Change in RATNEST
Change in TIMER
Increase in Price
Decrease in Price
20
If the price of substitute A goes up, the demand for substitute B will -
Move up the demand curve
Move down the demand curve
Shift the demand curve to the left
Shift the demand curve to the right
21
The willingness and ability to acquire a good or service is referred to as?
Demand
Want
Supply
Capital
22
An increase in price would result in all of the following, except?
Shift of the demand curve to the left
Increase in Quantity Supplied
Movement along a curve
Decreased Quantity Demanded
23
When supply and demand meet, it is called -
Shortage
Surplus
Price Ceiling
Equilibrium
24
Q
D
< Q
S
=
Shortage
Equilibrium
Surplus
Price Floor
25
A suppliers productivity tends to increase as price rises due to -
Law of Demand
Determinants of Supply
Costs of Production
Profit Motive
