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Supply and Demand Flashcards | StudBud

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Supply and Demand

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Wanna challenge yourself in some economical concepts?!?! This probably isn't the best for it but why not give it a try? #economics #learning #ACDCECON

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Questions 10

Answers

1
How is demand graphed ?
Vertically
Upward Sloping
Downward Sloping
Horizontally
2
When is total revenue maximized on the demand curve?
Inelastic range
Unit elastic range
Elastic range
3
What happens to price and quantity when demand increases?
Both increase
Both decrease
Price increases/ Quantity decreases
Price decreases/ Quantity increases
4
If technology improves, what happens to supply
the supply curve will become vertical
the supply curve will shift to the right
supply will decrease
no change in supply
5
What does not shift demand?
Price
Number of consumers
Taste and preferences
Price of related goods
6
The law of demand states that there is....
Hey Mrs. Clark!!!
No relationship between price and quantity
Direct relationship between price and quantity
Inverse relationship between price and quantity
7
If the demand for milk, a compliment to cookies increase, what is the effect of on cookies
demand for cookies decreases
price of cookies increases
supply of cookies decreases
demand for cookies increases
8
if prices increase, the law of supply states that
firms will produce more
firms will exit the industry
demand shifts to the left
wages increase
9
What happens if a binding price floor is established to a company in equilibrium
causes a shortage
shifts demand to the right
causes a surplus
shifts supply to the left
10
If supply increases and demand decreases, what is the result
price is indeterminate, quantity increases
price increases, quantity increases
price decreases, quantity is indeterminate
price and quantity are indeterminate