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Supply and Demand
Supply and Demand
25 terms
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StudBud Administration
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MrJNixon Supply and Demand
Flashcards
25 cards
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Questions
25
Answers
1
The desire and ability to produce and sell a product
supply
profit
demand
production
2
the change in cost in producing one more of a good or service
marginal product
marginal cost
marginal output
marginal labor
3
In times of a shortage, prices should be
raised
lowered
left unchanged
4
the change in output after hiring an additional worker
marginal labor
marginal output
marginal product
marginal cost
5
An automobile manufacturer who use robots to do certain jobs is affecting what factor of supply?
lowering input cost
applying gov't intervention
increasing number of producers
applying new technology
6
A singer sets off a fad for wearing camouflage clothing. What factor is affecting demand?
substitutes
consumer taste
consumer expectations
complements
7
According to the law of demand, what relationship exists between price and quantity demanded?
complementary
direct
inverse
tangential
8
What factor caused a supply shift?
government action
input supply
consumer taste
number of producers
9
goods and services people demand more of with a rise in income
superior good
inferior good
normal good
average good
10
When government controls business behavior through rules or laws
inspection
regulation
subsidy
duty
11
The law of supply states that as prices go up
quantity demanded goes up
quantity supplied goes down
quantity supplied goes up
quantity demanded goes down
12
which of the following is variable cost
land the business sit upon
raw materials to make a product
rent for a warehouse
managerial salaries
13
A table showing how much of a product a consumer is willing and able to buy
supply schedule
demand graph
demand schedule
supply graph
14
a price ceiling is the
the max a consumer will pay
the minimum a consumer will pay
legal maximum a producer may charge
legal minimum a producer may charge
15
After hiring a worker, a factory's costs rise and production slows down. This is
a marginal product
specialization
an increasing return
a diminishing return
16
What factor of demand caused the shift?
consumer expectations
producer expectations
consumer taste
income
17
If quantity demanded does not change significantly as price changes, how is demand described?
perfectly inelastic
perfectly elastic
inelastic
elastic
18
Equilibrium is
where producers make the most profit
where supply and demand are equal
where supply is greater than demand
where demand is greater than supply
19
As sales of digital cameras increase, so do sales of printers. What factor is affecting demand?
consumer expectations
substitutes
complements
consumer taste
20
Which of the following factors make up the concept of demand
both desire for the good and ability to pay
none of these
ability to pay
desire for a good
21
A table showing how much of a product a producer is willing and able to sell
supply schedule
demand graph
supply graph
demand schedule
22
Gasoline is considered a good with inelastic demand because
there is no widely used substitute
people ration it
it is in high demand
it is valuable
23
Factory closes in Hot Springs. Hundreds are laid off. What factor of demand does this affect?
consumer taste
consumer expectations
input cost
income
24
What do the points on a demand curve represent?
change in marginal utility
change in quantity demanded
change in elasticity
change in total demand
25
Elasticity of supply measures
the effectiveness of a price control
how responsive producers are to a price change
how responsive consumers are to price change
whether the govt should issue a subsidy
