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Supply and Demand
Supply and Demand
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Questions on what happens to the Supply and Demand Curves #Business #Econ2000 #Newman #LSU
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1
What determinate is being affected if environmentalists predict oranges will thrive next year?
Demand's determinate: Expectations
Supply's Determinate: Other Goods
Demand's Determinate: Number of buyers
Supply's Determinate: Expectations
2
What is the "Number of Sellers" a part of?
Determinants of Supply
Determinants of Demand
The Orange Market
The Market for Oranges
3
What happens to Pe/Qe of Xbox if PlayStation requires a $500 monthly subscription?
Pe increases, Qe increases
Pe decreases, Qe increases
Pe decreases, Qe decreases
Pe increases, Qe decreases
4
True or false: A change in price affects both Demand and Supply curves by shifting them.
False
True
5
What is the new Pe and/or Qe if a new law says that the legal drinking age is now 30?
Pe decreases, Qe is indeterminate
Pe is Indeterminate, Qe increases
Pe Increases, Qe Decreases
Pe decreases, Qe decreases
6
What happens to Pe and Qe if minimum wage increases?
Pe Decreases, Qe indeterminate
Pe increases, Qe Indeterminate
Pe increases, Qe Decreases
Pe Indeterminate, Qe increases
7
What happens to Pe/Qe of Xbox if PlayStation requires a $500 monthly subscription?
Pe increases, Qe increases
Pe decreases, Qe increases
Pe increases, Qe decreases
Pe decreases, Qe decreases
8
What happens to Pe/Qe if a deadly disease killing all plants/humans is found in orange trees?
Pe Increases, Qe decreases
Pe increases, Qe increases
Pe indeterminate, Qe decreases
Pe increases, Qe indeterminate
9
Which is a determinant of Supply?
Factor Costs
Taxes and Subsidies
Other Goods
Expectations
10
What is minimum wage considered when looking at the labor market?
Shortage
Surplus
Price Ceiling
Price Floor
11
What happens to Pe/Qe to Jewelry stores if a tax was placed on mining diamonds?
Pe Increases, Qe decreases
Pe increases, Qe indeterminate
Pe decreases, Qe increases
Pe indeterminate, Qe increases
12
What happens to Pe and Qe if a football stadium added an additional 400 seats?
Pe increases, Qe decreases
Pe Increases, Qe increases
Pe Decreases, Qe Decreases
Pe Decreases, Qe increases,
13
What happens to Pe/Qe of starbucks if coffee bean prices increase?
Pe indeterminate, Qe increases
Pe increases, Qe indeterminate
Pe Increases, Qe decreases
Pe increases, Qe increases
14
Income tax decreases, what happens to supply and demand?
Supply goes down, Demand goes down
Supply goes down, Demand goes up
Supply Goes up, Demand goes up
Supply goes up, Demand goes down
15
What happens to Pe and/or Qe of Taco seasonings if Tacos reportedly improve eye sight?
Pe decreases, Qe decreases
Pe increases, Qe increases
Pe indeterminate, Qe Increases
Pe decreases, Qe increases
16
What happens to Pe and/or Qe if oranges become less costly to produce but now causes cancer?
Pe increases, Qe indeterminate
Pe indeterminate, Qe Increases
Pe decreases, Qe indeterminate
Pe decreases, Qe decreases
17
What is it called when the Government does not allow gas to be sold for more than $10 a gallon?
Price Floor
Surplus
Shortage
Price Ceiling
18
The price ceiling in the organ donation market caused a what in the market for organs?
Shortage
Decrease in Supply
Surplus
Decrease in Demand
19
If income tax decreases, what happens to the Equilibrium price and quantity (Pe and Qe)?
Pe increases, Qe is inditerminate
Pe Decreases, Qe Decreases
Pe increases, Qe increases
Pe is indeterminate, Qe increases
20
What happens to Pe/Qe if Simply Orange (an orange juice company) raised its prices?
Pe indeterminate, Qe increases
Pe decreases, Qe increases
Pe doesn't change, Qe doesn't change
Pe Increases, Qe decreases
