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Module 5, 6, and 7 Flashcards | StudBud
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Module 5, 6, and 7
Module 5, 6, and 7
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Supply and Demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Generally, the larger the number of sellers the...
Less the supply
Less the demand
Greater the demand
Greater the supply
2
What causes a change in the quantity demanded?
Expectations
Price of the good
Income
The price of other goods
3
Economic situation where no one would be better off doing something different
Bliss
Market Duality
Infinity
Equilibrium
4
Pies/cakes=substitutes. What happens to the demand for pies when the price of cakes rise?
Demand Remains Constant
Supply Falls
Demand Rises
Demand Falls
5
For _________ goods, more income leads to an increase in demand
Complementary
Spicy
Normal
Inferior
6
Which is
NOT
a determinant of supply?
Technology
Price
Number of Producers
Taxes and Subsidies
7
Two goods for which a rise in the price of one leads to an increase in demand of the other
Substitutes
Replacements
Complementary
Normal
8
The supply curve is ______________ sloping
horizontal
upward
downward
ski
9
When is the AP Economics exam?
May 9
May 10
May 12
May 11
10
When the price in a market is above equilibrium, the likely result is
A price increas
A surplus
Equilibrium
A shortage
11
Law that states that there is an inverse relationship between price and quantity demanded
Law of the Land
Law of Supply
Law and Order
Law of Demand
12
An increase in technology will lead to a...
A shift to the left of the supply curve
Movement upward along the supply curve
Movement down the supply curve
A shift to the right of the supply curve
13
Generally speaking, demand is related to ________ and supply is related to _________.
Sellers, Buyers
Surplus, Shortage
Bruno Mars, Beyonce
Buyers, Sellers
14
The formula for a shortage is ________.
QD - QS
a2 + b2 = c2
E=MC2
Qs - QD
15
An increase in demand is shown on a graph by....
Movement up the demand curve
Shifting of the demand curve to the right
Shifting of the demand curve to the left
Movement down the demand curve
16
This law states that there is direct relationship between price and quantity supplied
Law of Quantity Supplied
Newton's Law
Law of Supply
Law of Demand
17
When the quantity of a good or service demanded exceeds quantity supplied, a _________ occurs.
Shortage
True
Surplus
False
18
When supply goes up, what happens to price and quantity?
P goes up, Q goes down
They change the same
Nothing
P goes down, Q goes up
19
When demand goes up, what happens to price and quantity
P and Q go up
P goes up, Q goes down
P and Q go down
P goes down, Q goes up
20
Goods for which a rise in price in one leads to a decrease in demand for the other.
Complimentary
Substitute
Inferior
Normal
