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Duplicate of Supply and Demand Flashcards | StudBud

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Duplicate of Supply and Demand

11 terms·StudBud Administration·21 plays

A #supply and #demand quiz to test #economics

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Questions 11

Answers

1
Demand refers to:
All the things people want
Desire, willingness and ability to buy a good or service.
price of a good/service a company can charge
2
Which of these would likely decrease the supply of soccer balls?
new technology allows for faster production of soccer balls
a change in the price of soccer cleats
a decrease in the price of soccer balls
an increase in the price of raw materials
3
In this supply graph, if the company wishes to sell 8 units, what price will they offer?
$20
$10
$40
$30
4
Which of these shows an increase in supply?
Graph on Left (A)
Graph on Right (B)
5
What kind of curve is this?
Supply
Demand
6
Which of the following does not cause a shift in demand?
change in the price of a good or service
change in income
change in consumer expectations
change in price of a substitute good
7
The movement in the chart above demonstrates which of the following?
Increase in price
Decrease in price
Decrease in demand
Increase in demand
8
The movement in the chart above demonstrates which of the following?
Decrease in deman
Increase in demand
Increase in price
Decrease in price
9
The movement in the chart above demonstrates which of the following?
Change in price
Change in market
Change in demand
Change in supply
10
Supply is:
desire, willingness, and ability to buy a good or service
amount a consumer will purchase at a specific price
amount w/a to offer for sale at all prices in a given period
Amount willing and able to offer for sale at specific price
11
What kind of curve is this?
Supply
Demand