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Demand and Supply #2 - Junior Cycle Business Studies Flashcards | StudBud
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Demand and Supply #2 - Junior Cycle Business Studies
Demand and Supply #2 - Junior Cycle Business Studies
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Demand and Supply Chapter 30 Junior Cycle Business Studies
Flashcards
18 cards
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Questions
18
Answers
1
The Law of Supply states that as the price of a good or service increases, the quantity will increase, and vice versa!
True
False
2
Things other than price, like weather and taxes can also have an effect on the supply of a product.
True
False
3
The Law of Demand states that as the price of a good decreases the quantity demanded will increase
False
True
4
What is price discrimination?
selling the same product at different prices to different consumers
selling different products at the same price to all consumers
selling the same product at the same price to all consumers
5
Market Equilibrium is where the Demand and Supply Curves meet
False
True
6
What is Demand?
the quantity of product suppliers are prepared to sell at different prices
the quantity of product consumers are prepared to buy at different prices
7
The black market supply of pirated films can effect the legal sale of films as sales will decrease.
True
False
8
The Black market is where goods are sold and bought illegally.
True
False
9
If the Supply Curve has shifted to the right, the Supply has....
stayed the same
increased
decreased
10
What is Supply?
the quantity of product consumers are prepared to buy at different prices
the quantity of product suppliers are prepared to sell at different prices
11
Increased supply and unchanged demand leads to...
a decrease in price
no change in price
an increase in price
12
When a market settles at a point where the quantity demanded equals the quantity supplied it is called
black market
increased demand
decreased supply
market equilibrium
13
If the Supply Curve has shifted to the left, the Supply has....
decreased
increased
stayed the same
14
If the price of milk increases, dairy farmers may....
Convert more of their business to milking
Convert more of their business to beef farming
Convert more of their business to pig farming
15
Things other than price, like advertising can also have an effect on the demand for a product.
False
True
16
Decreased supply and unchanged demand leads to...
an increase in price
unchanged price
a decrease in price
17
What is the name of the graph that shows us the relationship between supply and price?
Equilibrium
Demand curve
Supply Curve
18
One of the exceptions to the Law of Demand is:
the price of football boots decreasing
the price of easter eggs increasing
the price of medication for life-threatening diseases increasing
