An increase in the price of pizza will leas to an increase in which of the following?

the supply of calizones (substitute)

The demand and supply schedule shows:

The same information as a supply and demand graph

Demand is downward sloping due to :

the income and substitute effect

During a power outage during a storm, the demand for candles

increases to consumer preferences

The Law of Demand says that :

As price goes up, quantity demanded goes down

If the price of hot chocolate increases,

The demand for hot tea increases

During a recent snow/ ice storm, the demand for netflex

increase due to an increase in consumer taste

If the price of sleds increases,

The demand for snow suits decreases

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Supply & Demand

24 termsStudBud Administration155 plays

Introductory review of supply and demand changes

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Questions 24

Answers

1
An increase in the price of pizza will leas to an increase in which of the following?
the supply of coca cola
the supply of pizza
the demand for flour
the supply of calizones (substitute)
2
For many people, Spam is a
a complement
normal good
a substitute
an inferior good
3
A change in Price causes a change in
Technology
Demand
quantity supplied
Supply
4
The magic point where supply and demand connects is
equilibrium
a price floor
Adam Smith land
a price ceiling
5
An increase of wages will lead to a:
Increase quantity demanded
decrease in Supply
decrease in demand
increase in Supply
6
The following is a determinant of Demand
# of Suppliers
Income
Taxes
Subsidies
7
Which of the following would increase demand for a normal good? A decrease in:
Price of a Complement
Income
Price
Price of a Substitute
8
The demand and supply schedule shows:
Profit of loss of a business
The same information as a supply and demand graph
Price that everyone would pay
Demand prices and quantities, but not supply
9
The Law of Supply is
says that when price goes up, demand goes down
based on consumers behavior
A direct relationship
An inverse relationship
10
Demand is downward sloping due to :
Inferior and normal goods
The number of consumers
The substitute and complement effect
the income and substitute effect
11
The following is not a determinant of Demand
Taste
# of Consumers
Technology
Price of Substitutes
12
One of the following is not a determinant of Supply:
# of sellers
technology
Price of other goods
# of consumers
13
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
increases to consumer preferences
increases due to income, normal goods
decreases due to consumer preferences
14
How many of Jersey Mike's Subs a person demands depends on:
How good the french fries are
The price of cokes
How long the line is.
The price of the Subs
15
The Law of Demand says that :
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes down
As price goes up, quantity demanded goes up
As price goes up, the quantity supplied goes up
16
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for ice cream increases
The demand for hot tea increases
The demand for marshmallows is unchanged
17
One of these things is not like the others
# of Consumers
Price of Complements
Preferences
Technology
18
Marshmallows and hot chocolate are:
Substitutes
Inferior Goods
No relationship
Complements
19
After a heavy snowfall, the demand for snow shovels
decrease
The quantity supplied increased
increase
The quantity demanded increased
20
During a recent snow/ ice storm, the demand for netflex
increased to an increase in supply of netflex
increase due to an increase in consumer taste
decreased due to a lack of preference
decreased
21
If the price of sleds increases,
The demand for snow suits increases
Price does not change demand, so no change
The demand for snow suits decreases
The snow sharks eat more kids
22
A decrease in the price of peanut butter would most likely increase the demand for
Coffee
Jelly
Ham
Electricity
23
A decrease in the price of butter would most likely decrease the demand for:
margarine
jelly
syrup
bagels
24
A change in Price causes a change in :
Demand
# of Consumers
Substitutes
Quantity Demanded

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