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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
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StudBud Administration
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418 plays
#economics review
Flashcards
16 cards
F
Practice quiz
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Host live
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Questions
16
Answers
1
The picture represents
Inferior
Substitutes
Complements
Neutral
2
A Frank Llloyd Wright house is currently on the market. What type of supply curve?
Quantity Demanded would Decrease
Vertical
Normal
Demand would Decrease
3
Higher per unit production costs would cause producers to
Supply More
Supply Less
4
Jay waited until the Monday AFTER Easter to stock up on Peeps; example of __ for Demand
Future Price
Price of Related Goods
Income
Number of Buyers
5
Which of the following is a NEUTRAL GOOD
Water
Corsage
Dinner at Knight's Pub
Manicure
6
In 2016, Villanova won the Championship. What happened to the DEMAND for Nova gear? Why?
Increase, Future Price
Increase, related goods
Increase, Preference
Increase, Income
7
When QS changes by the same percentage as price
Elastic
Inelastic
Unit Elastic
Quantity Supplied
8
The picture represents
Normal Good
Complements
Substitutes
Inferior Good
9
When Supply and Demand meet
Surplus
Quantity Supplied
Equilibrium
Shortage
10
D moves in the opposite direction as the price of item #2
Substitutes
Complement
11
Demand that is not very sensitive to a price change
Inelastic
Elastic
12
Income Increase, Vacation Increase
Normal Good
Neutral Good
Elastic
Inferior Good
13
Government payment that supports a business or market (Supply)
Subsidies
Quota
Taxes
Complements
14
If you're selling your prom ticket, you are willing and able ... you have ....
Demand
Equilibrium
Supply
No date
15
The price of coffee has increased at Wawa, what happens to the QD?
Increase
Decrease
16
If you are WILLING and ABLE to buy, you have:
Quantity Demand
Demand
Quantity Supply
Supply
