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Supply and Demand Flashcards | StudBud

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Supply and Demand

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Questions 10

Answers

1
The supply and demand graph below indicates that price is set at a point which would cause a
Recession
Shortage
Surplus
Market Equlibrium
2
What has happened in the diagram below?
Supply has decreased
Demand has decreased
Demand has increased
Supply has increased
3
Supply and Demand interact to establish
Services
Goods
Price
High and Low estimates
4
What scenario below would cause this change to supply?
Increase in cost of production
Increase in consumers
Investment in technology
Decrease in government regulations
5
What would occur in the event of a surplus?
Decrease quantity demanded
Raise prices
Lower Prices
Raise quantity supplied
6
A demand curve with inelastic demand suggests that
Price does not change
Demand does not change
Demand is low
Demand is high
7
The amount of good/services that consumers are willing to buy at a given price is known as
Market Equlibrium
Law of Demand
Law of Supply
Law of Diminishing Marginal Utility
8
How would the market respond to this scenario below (shortage)?
Decrease quantity supplied
Increase Price
Increase quantity demanded
Increase the minimum wage
9
If price increases, then supply will
Increase
Stay the same
Cannot be determined
Decrease
10
When price goes up
Demand goes down
Demand stays the same
Demand goes up
Cannot be determined