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Supply and Demand Preview Flashcards | StudBud

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Supply and Demand Preview

10 terms·StudBud Administration·64 plays

supply and demand

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Questions 10

Answers

1
What would happen to the demand for sun block if there were an unusually cool summer season?
Decrease
Stay the same
Increase
2
Supply is:
how much producers are willing/able to produce
how much consumers are willing/able to buy
how bad consumers want to buy a good or service
the amount of goods available for sale to consumers
3
What would cause a shift/change in the supply of a good or service?
Price of inputs
Technological advances to increase productivity
The number of suppliers in the market
The amount of money consumers have
4
What would cause a shift or a change in the demand for a good or service?
The amount of goods and services available for sale
The price of substitute goods
The amount of money consumers have
Consumer tastes and preferences
5
Demand is:
how much consumers are willing/able to buy
how bad consumers want to buy a good or service
the amount of goods available for sale to consumers
how much producers are willing/able to produce
6
The law of demand states that:
the higher the price, the more producers will supply
the lower the price, the more consumers will buy
the higher the price, the more consumers will buy
the higher the price, the less producers will supply
7
What would happen to the supply of oranges if there were a freeze in Florida and California?
Decrease
Increase
8
The law of supply states that:
the higher the price, the less producers will supply
the lower the price, consumer spending will not change.
the higher the price, the more producers will supply
the higher the price, the less consumers will buy
9
Does this graph represent supply or demand?
Supply
Demand
10
Does this graph represent supply or demand?
Demand
Supply