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Microeconomics
Microeconomics
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Shift in Supply and Demand
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
__________are goods where demand increases , when a consumer’s income , increases
Superior Goods
Normal Good
Inferior Goods
Complement Goods
2
______________are goods where demand decreases , when a consumer’s income (salary), increases
Inferior Goods
Normal Goods
Useless Goods
Superior Goods
3
___________is any good or service that is usually consumed with another good or service.
Substitute
Alternate
Complements
None of the Above
4
If population Increases demand shift to
Left
No Change
Up
Right
5
----------- is Non Price Determinants of Supply
None of the above
Income
Technology
Population
6
If input price increase , company's cost will increase, profit will decrease and supply will
None of the above
not change
Shift to left
Shift to right
7
_____________is any good or service that provides equal utility
Normal Good
Inferior Good
Alternate
Substitute
8
Preference is a non-price determinant of
Supply
Both
Demand
None
9
Demand can change when PRICE DOES NOT CHANGE
False
True
10
If company believe the price of ice-cream will be higher next month , supply will shift to
right
left
