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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Questions
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Answers
1
Elastic if
less than 1
idk
equal to 1
greater than 1
2
This graph shows
price and quantity
equilibrium
demand and supply curve
all of the above
3
Elastic demand relationship to substitute goods is
whatever the answer is
less substitute goods
more substitute goods
i have no idea
4
A market is said to be in equilibrium when
both demand and supply have stopped changing.
the quantity demanded equals the quantity supplied.
no new firms are entering the industry.
there are an equal number of buyers and sellers.
5
This graph shows
disequilibrium
supply decrease and disequilibrium
supply decrease and new equilibrium price
supply increases and equilibrium
6
%Change in Price??? price moves from $90 to $100 and the decrease in demand is 60 to 30...
11%
50%
1%
22%
7
% Change in Demand??? price moves from $90 to $100 and the decrease in demand is 60 to 30...
15%
50%
13%
86%
8
This graph shows...
demand increase
demand decrease
supply decrease
supply increases
9
4.6 ......... Is it elastic, inelastic or unitary ?
elastic
idk
unitary
inelastic
10
The green line in graph shows
price floor
price ceiling
disequilibrium
equilibrium
11
Demand is inelastic if
equal to 1
more than 1
less than 1
idk
12
Elasticity of Demand??? price moves from $90 to $100 and the decrease in demand is 60 to 30...
4.6
.5
.11
3.6
13
Demand is unitary if
less than 1
more than 1
equal 1
idk
14
Is this number elastic, inelastic or unitary?
elastic
unitary
inelastic
15
Which of the following events would cause demand to increase?
Consumers have more money.
Product goes out of style.
Price of a substitute good decreases.
Price of a complementary good increases.
16
When the quantity demanded increases, it means that
a larger amount of goods are demanded & the price is higher
the entire demand curve has increased in value.
the entire demand curve has decreased in value.
a smaller amount of goods are demanded .
17
This graph shows...
demand increase
supply decrease
demand decrease
supply increase
18
Inelastic demand relationship to substitute good
more substitute goods
less substitute goods
19
What is the new price?
$15
$5
$20
$10
20
When demand decreases, what will happen to the equilibrium price and quantity?
Price increases; quantity decreases.
Price decreases; quantity decreases.
Price increases; quantity increases.
Price decreases; quantity
21
Is this number elastic, inelastic, or unitary?
unitary
none of the above
inelastic
elastic
22
In a market economy, equilibrium is determined
when the government sets a stable price.
by the sellers.
by the buyers.
through the interaction of buyers and sellers.
23
When supply decreases, what will happen to the equilibrium price and quantity?
Price increases; quantity decreases.
Price increases; quantity increases.
Price decreases; quantity increases.
Price decreases; quantity decreases
24
Which item does have elastic demand?
sugar
salt
Jordans
Huaraches
25
When demand increases, what will happen to the equilibrium price and quantity?
Price increases; quantity decreases.
Price decreases; quantity increases.
Price decreases; quantity decreases.
Price increases; quantity increases.
26
What is the original equilibrium price?
$20
$25
$15
$10
27
When supply increases, what will happen to the equilibrium price and quantity?
Price decreases; quantity increases.
Price increases; quantity decreases.
Price decreases; quantity decreases.
Price increases; quantity increases.
28
What is the new quantity supplied?
quantity of 16
quantity of 13
quantity of 12
quantity of 15
29
Price Ceiling causes
surplus
shortages
30
Which of the following events would cause supply to increase?
War breaks out in a region
More sellers enter the market.
A firm’s technology becomes outdated
Costs of production increase.
31
What is the original quantity demanded?
quantity of 6
quantity of 9
quantity of 4
quantity of 7
32
This graph shows
supply increases
demand decreases
demand increases
supply decreases
33
Which item does not have inelastic demand?
sugar
salt
milk
hot cheetos
34
6) Which of the following events would cause demand to decrease?
Product is a fad.
Consumers expect good things to happen in the future.
Suppliers enter the market.
Consumers leave the market.
35
Price Floor Causes
shortages
equilibrium
surpluses
