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Supply & Demand Flashcards | StudBud

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Supply & Demand

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Questions 10

Answers

1
Which factor would NOT cause a shift in demand?
Change in Number of Sellers
Change in Number of Consumers
Expectations of Consumers
Change in Substitute Good Prices
2
The Law of Demand states that when market price increases...
Quantity demanded will increase
Quantity supplied will decrease
Quantity demanded will decrease
Quantity supplied will increase
3
The curve pictured is a...
Equilibrium Curve
Scarcity Curve
Demand Curve
Supply Curve
4
The Law of Demand states that when market prices decrease...
Quantity supplied will increase
Quantity demanded will decrease
Quantity demanded will increase
Quantity supplied will decrease
5
Pause! What is likely NOT to happen in this scenario?
less computers and cell phones
increase in cost of computers and phones
less producers
more supply
6
Which factor would NOT cause a shift in supply?
Taxes/Subsidies
Change in Income
Technological Advance
Change in Resource Prices
7
When quantity demanded equals quantity supplied, we have....
Market Equilibrium
Surplus
Market
Shortage
8
The Law of Supply states that when market price increases...
Quantity supplied will decrease
Quantity demanded will increase
Quantity supplied will increase
Supply will increase
9
The curve pictured is a...
Exponential Curve
Supply Curve
Parabola Curve
Demand Curve
10
The Law of Supply states that when market price decreases...
Quantity demanded will decrease
Quantity demanded will increase
Quantity supplied will decrease
Quantity supplied will increase