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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Basics to Supply and demand
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
The Federal government imposes a $5 per game taxon the manufacturers of the games.
Input
Population
Tax
Income
2
Which of the following will cause the supply curve to shift?
change in the numbers of sellers offering the product
change in the number of consumers
a change in the price of the product
change in demand for the product
3
If a market experiences a change in consumer income then...
quantity demanded will change
Demand will change (shift)
quantity supplied will change
Supply will change (shift)
4
iPhones drop in price, analyze phone cases, which factor is at play?
Population
Related Goods- Substitutes
Income
Related Goods- Compliments
5
What does the movement from b' to b on the graph represent?
a decrease in quantity demanded
a decrease in demand
an increase in demand
an decrease in demand
6
A research institute announces that children who play computer games improve their grades
Population
Tastes and preferences
Price
Income
7
The manufacturer of thecomputer games raises theprice on the games.
Income
No curve change, just movement up the curves
Tax
No curve change, just movement down the curves
8
The Law of Demand states, as the __________ goes up, the __________ goes down.
supply; demand
price; demand
price; quantity demanded
demand; price
9
The price of computers increases. (Analyze computer games.)
Inputs
Income
Tax
Related Goods
10
Which of the following choices could cause the movement shown in this graph?
an increase in the price of a substitute
a decrease in consumer’s income.
an increase in population
a decrease in the price of a complement
11
Suppose the demand curve shifts from D1 to D2. How does equilibrium change?
Both quantity supplied and quantity demanded decrease.
Quantity supplied increases and quantity demanded decreases.
Both quantity supplied and quantity demanded increase.
Quantity supplied decreases and quantity demanded increases.
