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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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Marketing & Sports Marketing
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
The supply curve starts where and ends where and slopes which way?
supply what?
starts in upper right & ends in lower left slopes down
it is a straight vertical line
Starts in the lower left & ends upper right - slopes upward
2
What kinds of goods do government generally place price ceilings on?
Are essential and cheap
Not necessary but have become customary
Essential, but too expensive for some consumers
3
Generally, when the price of an item falls, what happens to the demand for that product?
demand falls
People substitute other goods
demand falls as well
An increase in demand
4
Which of the following is an example of a good with an inelastic supply
hats
beanbags
gasoline
5
How might advertising lead to a shift in demand?
Allowing the law of demand to operate freely
Increasing the popularity of an inferrer good
Creating a fad
6
Ceteris Paribus means
Go bearcats
Seize the day
All things held constant
7
Fixed cost would include
Rent
Raw Materials
Labor
8
The equilibrium point is the point where .....
There is a surplus, top of supply curve
everyone is happy
supply and demand curves cross
supply is a shortage
9
What happens to the supply of goods that producers are willing to produce when prices fall?
Supply is constant
Firms supply more
Diminishing marginal utility
Firms supply less
10
The demand curve starts where, ends where, and slopes which way?
demand what
Starts upper left ends lower right slopes downward
starts and stays vertical - straight up and down
starts lower left ends upper right slopes upward
11
Why do professional athletes make so much more than school teachers?
Substitutes
Laws of Supply & Demand
We live in a morally bankrupt society.
Sponsors
12
What factor has the greatest influence on elasticity and inelasticity of SUPPLY?
Time
Financing
Profit
13
What is an example of government influence on supply?
Taxes
Grants
Subsidies
