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Duplicate of Supply and Demand Review Flashcards | StudBud

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Duplicate of Supply and Demand Review

12 terms·StudBud Administration·4 plays

Economics class #supplyanddemand

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
What is a determinant of Demand?
changes in income
changes in expectations of buyers
all of these
changes in style and color
2
______________ is the amount consumers pay for a good or service.
price
cost
profit
revenue
3
A surplus exists when
there is more demand than supply
there is more supply than demand
supply and demand are equal
4
What is Demand?
just want to buy stuff
the desire to buy something cheap
when you want to buy something that is too expensive
how many people want to buy specific quantities of a good
5
What is supply?
the amount of profit
the amount of Water, land or labor
The amount of a good or service for sale
the cost
6
Producers want to sell at the highest price.
False
True
7
A shortage exists when
there is more demand than supply
there is more supply than demand
demand and supply are equal
8
A market exists when____________.
something is demanded
nothing is exchanged
you barter for what you want
buyers and sellers exchange goods and services
9
Consumers want to buy at the highest price.
False
True
10
when a price maximum is set you have created a
price floor
price ceiling
11
when a price minimum is set you have created a
price ceiling
price floor
12
When the price of a resource changes, the cost of the good or service changes.
False
True