If price increases from $5 to $10 and quantity decrease from 2 units to 1 unit:

the elasticity coefficient is 1/2

A price ceiling placed below equilibrium price in a perfectly competitive market causes:

CS to increase and PS to decrease

studbud

Duplicate of AP Supply and Demand

15 termsStudBud Administration12 plays

AP econ

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Producers expect price to increase in the future. How will P and Q be affected?
P: decrease, Q: increase
P: increase, Q: increase
P: decrease, Q: decrease
P: increase, Q: decrease
2
If the price of peanut butter increases, what happens to demand for jelly?
quantity demanded will increase
demand will decrease
demand will increase
No, Change Quantity demanded will change
3
If price of a good increases, demand for that good...
will increase
will not change
becomes more elastic
will decrease
4
How will a decrease in the price of computer chips affect P and Q of computers? (Complements)
P: decrease, Q: indeterminate
P: increase, Q: Increase
P: increase, Q: decrease
P: decrease, Q: decrease
5
If price increases from $5 to $10 and quantity decrease from 2 units to 1 unit:
I hate math!!!!
the elasticity coefficient is 1/2
The elasticity coefficient is 1
The elasticity coefficient is 2
6
A good that is demand inelastic will have an elasticity coefficient of:
greater than 1
less than 1
inderterminate
equal to 1
7
If consumers expect price of a normal good to increase in the future, what happens to demand?
No change
shift to the right
shift to the left
movement along the curve
8
Which of the following goods is most likely the MOST supply inelastic?
Cheeseburgers
Apples
Doughnuts
Pizza
9
If demand for a good decreases, how will equilibrium price and quantity change?
P: increase, Q: decrease
P: decrease, Q: decrease
P: decrease, Q: increase
P: increase, Q increase
10
How will an improvement in technology affect P and Q of cars?
P: indeterminate, Q: increase
P: increase, Q, Increase
P: decrease, Q, Increase
P: Increase, Q: Decrease
11
If price increases and total revenue decreases, we may say that the good in question is:
inelastic
unitary elastic
perfectly inelastic
elastic
12
The difference between the maximum amount consumers are willing to pay and equilibrium price is
producer surplus
consumer surplus
mutually beneficial trade
Coincidence of wants
13
If demand increases and supply increases, which is true
P and Q will increase
Price will be indeterminate
P and Q will decrease
Quantity will be indeterminate
14
A price ceiling placed below equilibrium price in a perfectly competitive market causes:
CS to increase and PS to decrease
CS to decrease and PS to increase
there to be a surplus in the market
No change, the price ceiling will be ineffective
15
An elastic demand curve is:
will have a very steep slope
will have a very flat slope
bows inward toward the origin
bows outward from the origin

Duplicate of AP Supply and Demand Flashcards | StudBud

Duplicate of AP Supply and Demand

15 termsStudBud Administration12 plays

AP econ

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Producers expect price to increase in the future. How will P and Q be affected?
P: decrease, Q: increase
P: increase, Q: increase
P: decrease, Q: decrease
P: increase, Q: decrease
2
If the price of peanut butter increases, what happens to demand for jelly?
quantity demanded will increase
demand will decrease
demand will increase
No, Change Quantity demanded will change
3
If price of a good increases, demand for that good...
will increase
will not change
becomes more elastic
will decrease
4
How will a decrease in the price of computer chips affect P and Q of computers? (Complements)
P: decrease, Q: indeterminate
P: increase, Q: Increase
P: increase, Q: decrease
P: decrease, Q: decrease
5
If price increases from $5 to $10 and quantity decrease from 2 units to 1 unit:
I hate math!!!!
the elasticity coefficient is 1/2
The elasticity coefficient is 1
The elasticity coefficient is 2
6
A good that is demand inelastic will have an elasticity coefficient of:
greater than 1
less than 1
inderterminate
equal to 1
7
If consumers expect price of a normal good to increase in the future, what happens to demand?
No change
shift to the right
shift to the left
movement along the curve
8
Which of the following goods is most likely the MOST supply inelastic?
Cheeseburgers
Apples
Doughnuts
Pizza
9
If demand for a good decreases, how will equilibrium price and quantity change?
P: increase, Q: decrease
P: decrease, Q: decrease
P: decrease, Q: increase
P: increase, Q increase
10
How will an improvement in technology affect P and Q of cars?
P: indeterminate, Q: increase
P: increase, Q, Increase
P: decrease, Q, Increase
P: Increase, Q: Decrease
11
If price increases and total revenue decreases, we may say that the good in question is:
inelastic
unitary elastic
perfectly inelastic
elastic
12
The difference between the maximum amount consumers are willing to pay and equilibrium price is
producer surplus
consumer surplus
mutually beneficial trade
Coincidence of wants
13
If demand increases and supply increases, which is true
P and Q will increase
Price will be indeterminate
P and Q will decrease
Quantity will be indeterminate
14
A price ceiling placed below equilibrium price in a perfectly competitive market causes:
CS to increase and PS to decrease
CS to decrease and PS to increase
there to be a surplus in the market
No change, the price ceiling will be ineffective
15
An elastic demand curve is:
will have a very steep slope
will have a very flat slope
bows inward toward the origin
bows outward from the origin