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