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Supply and Demand Flashcards | StudBud

Explore/Supply and Demand

Supply and Demand

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Questions 10

Answers

1
Market price is...
the price that buyers & sellers agree to trade in a market
the price set by the business owner
The best price you can get
the price set by the stock exchange
2
What influences supply?
Expectations of the future
All of the above
Production costs
Changes in technology
3
Which of the following are factors that influence demand?
All of the above
Consumer preferences
Change in population
Income
4
Equilibrium point is the point at which
when demand increases and supply decreases
all prices are equal
quantity supplied equals quantity demanded
quantity equals supply
5
What is quantity demanded?
the price at which buyers and sellers agree to trade
pressure on business' to produce goods or services.
the amount of goods produced by a business
the amount that will be bought at a particular price
6
When prices go down, the quantity demanded will go _______?
Down
Stay the same
Up
up or down depending on supply
7
When prices are high...
suppliers are willing to supply more of a product
the market price freezes
suppliers will decrease the amount they produce
market equilibrium occurs
8
As prices go up, the quantity supplied goes ______?
to the right
to the left
Down
Up
9
According to the law of supply
income, production costs and technology determine supply
price and quantity supplied are inversely related
price falls will shift the market supply curve to the left
price and quantity supplied are directly related
10
What is supply
when there is not enough of a certain commodity
the amount that producers offer at different prices
How much you buy
the business who produces goods and services