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DPEco 1.1 Demand & Supply Shifts Flashcards | StudBud
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DPEco 1.1 Demand & Supply Shifts
DPEco 1.1 Demand & Supply Shifts
23 terms
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StudBud Administration
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30 plays
Supply & Demand Input Analysis - generic/abstract descriptions of inputs #supply #demand #economics
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
What is happening at the $3 price level?
Shortage
Excess Demand
Surplus
Equilibrium
2
Which scenario is being depicted?
Demand Decrease
Supply Decrease
Demand Increase
Supply Increase
3
A technological advance in the production of the product occurs.
Supply Increase
Demand Increase
Supply Decrease
Demand Decrease
4
A subsidy on the production and sale of the item is implemented.
Demand Decrease
Demand Increase
Supply Decrease
Supply Increase
5
Consumers anticipate that the product will be unavailable in the future.
DsL
SsR
SsL
DsR
6
Consumers anticipate that the market price of the good will be lower in the future.
DsR
SsL
SsR
DsL
7
What is the effect on equilibrium price and quantity?
Price Increase; Quantity Decrease
Price Decrease, Quantity Decrease
Price Decrease; Quantity Increase
Price Increase; Quantity Increase
8
The price of a complementary product falls.
DsL
SsR
SsL
DsR
9
What is the effect on equilibrium price and quantity?
Price Decrease; Quantity Increase
Price Increase; Quantity Increase
Price Increase; Quantity Decrease
Price Decrease, Quantity Decrease
10
An increase in the prices of resources required in the production of the product occurs.
SsL
DsL
SsR
DsR
11
There is a decline in the price of a product that is an alternative/substitute for producers.
DsL
SsL
SsR
DsR
12
Which scenario is being depicted?
Supply Decrease
Supply Increase
Demand Decrease
Demand Increase
13
Which scenario is being depicted?
Supply Increase
Supply Decrease
Demand Decrease
Demand Increase
14
What is happening at the $2 price level?
Equilibrium
Shortage
Excess Supply
Surplus
15
Income declines, and this product is an inferior good.
DsL
DsR
SsL
SsR
16
The price of a substitute product falls.
SsL
DsL
SsR
DsR
17
A sales tax is applied to all production and sale of the item.
DsR
SsL
DsL
SsR
18
What is the effect on equilibrium price and quantity?
Price Increase; Quantity Increase
Price Decrease; Quantity Increase
Price Decrease, Quantity Decrease
Price Increase; Quantity Decrease
19
Producers expect lower market price in the future, and they decrease their production levels.
SsR
DsR
DsL
SsL
20
The product becomes more fashionable/desirable.
DsL
SsL
SsR
DsR
21
What is happening at the $1 price level?
Equilibrium
Shortage
Surplus
Excess Supply
22
Which scenario is being depicted?
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
23
What is the effect on equilibrium price and quantity?
Price Increase; Quantity Increase
Price Decrease; Quantity Increase
Price Increase; Quantity Decrease
Price Decrease, Quantity Decrease
