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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
12 terms
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StudBud Administration
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186 plays
A review of the concepts of supply and demand.
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
When supply decreases the supply curve shifts
Right
Left
2
According to this graph is supply increasing or decreasing?
Decreasing
Increasing
3
According to the law of demand, as price rises
Producers sell less
Consumers buy less
Producers sell more
Consumers buy more
4
In the market for soda: If consumers cut back on drinking sugary drinks...
Demand for soda shifts right
Supply for soda shifts left
Demand for soda shifts left
Supply for soda shifts right
5
In the market for chocolate: A disease in cocoa trees reduces the size of the harvest...
Demand for chocolate shifts right
Demand for chocolate shifts left
Supply of chocolate shifts right
Supply of chocolate shifts left
6
What is the best explanation for the change you see in the supply curve?
Resource costs rose
Production technology improved
Taxes rose
Subsidies to businesses fell
7
If consumer income rises, how would the demand curve change?
It will not change
It will shift left
It will shift right
Consumers will buy less
8
When demand increases, the demand curve shifts
Right
Left
9
Which of the following is true about the market clearing (equilibrium) price?
Quantity demanded equals quantity supplied
Quantity demanded is greater than quantity supplied
Quantity supplied is greater than quantity demanded
10
Which of the following might have caused the demand curve to shift right?
Resource costs dropped
Consumer income fell
The number of consumers fell
Price of the complimentary good decreased
11
In the market for new homes: If consumer incomes rise...
Demand for new homes shifts left
Demand for new homes shifts right
Supply for new homes shifts left
Supply for new homes shifts right
12
In the market for wheat, new technology improves farming and harvesting techniques
Demand shifts right
Demand shifts left
Supply shifts left
Supply shifts right
