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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
18 terms
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StudBud Administration
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380 plays
#economics #supply #demand #supplyanddemand
Flashcards
18 cards
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Questions
18
Answers
1
Using the graph, what is the Quantity Supplied at P1 and P3?
Q2 and Q5
Q2 and Q4
Q1 and Q5
Q1 and Q4
2
At $12, what is Quantity Demanded and Quantity Supplied?
QD is 2,000 and QS is 3,000
QD is 3,500 and QS and 1,500
QD is 1,000 and QS is 4,000
QD and QS are 2,500
3
According to the Law of Demand, if prices go up, demand goes _____
Down
Stays the same
Up
4
A minimum wage law is an example of a ___________.
Price floor
Price ceiling
5
The supply curve for a good will move to the left if _________
Production costs go up
More suppliers enter the market
The producer thinks production costs will go up in 3 months
Technology used for production improves
6
Which of the following factors would make a good inelastic?
Many substitutes
Small proportion of your income
Its a necessity
7
Using the graph, if the gov. said a pizza cannot be sold for more than $4, this would be a ___
Price Floor
Price Ceiling
8
If the number of cell phone providers doubles, the supply of cell phones will ______.
Go down
Go up
Stay the same
9
At market equilibrium...
The quantity demanded is equal to the quantity supplied
The quantity demanded is less than the quantity supplied
The quantity demanded is greater than the quantity supplied
Quantity demanded = 0
10
According to the Law of Supply, if prices go up, supply goes ________
Up
Stays the samen
Down
11
If the demand for spaghetti goes down, what will happen to the demand for meatballs?
Stay the same
Go down
Go up
12
On the table...what is the quantity demanded at the equilibrium price?
7
11
9
5
13
Price Floors lead to shortages.
False
True
14
The demand curve for a good will move to the right if _______
Your income goes up
Your income goes down
The price of a complementary good goes up
The good falls out of style
15
If a good is elastic...
changes in price will not impact demand
changes in price will have a significant impact on demand
changes in price won't have a significant impact on demand
16
If the price of oranges goes up, the demand for orange juice will _______.
Go down
Stay the same
Go up
17
A surplus is caused by a _______
Price Floor
Price Ceiling
18
On the table...what is the equilibrium price?
5
3
1
4
