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supply & demand
supply & demand
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intro into supply and demand
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What is
not
one of the meanings for the term "market?"
Quantity of a good that people will buy during a given time.
Location where product is sold/bought.
Demand for a product.
2
When prices are high, we do not substitute prices because we know they will eventually go down.
False
True
3
If the consumer thinks a price may rise in the future, they may wait to buy it.
True
False
4
When a person receives a salary raise, their demand for luxury goods will:
Increase
Decrease
5
The demand curve generally slopes....
The top left corner to the bottom right corner.
The bottom left corner to the top left corner.
Horizontally.
6
If you have a price
below
equilibrium, it is a:
Surplus
Shortage
7
How will the supply be affected if the cost of making a good becomes more expensive?
Inventory will be taken less frequently.
The shipping method used will switch from trucks to trains.
There will be a smaller supply.
There will be a larger supply.
8
The Law of Demand states:
When price increases, demand increases.
No changes or fluctuations will occur.
When price increases, demand for that product decreases.
9
Non-price factors cause:
the curves to jump either above or below the normal line
the curves to stay on the same constant line
10
Items that are less popular and eccentric will have a lower demand:
False
True
11
A fall in the price of a compliment good may:
Decrease demand for another good.
Have no effect on the demand of another good.
Increase demand for another good.
12
When the price is lowered, the demand will generally:
Decrease
Grow
Remain the same
13
An increase in consumer's income will cause the demand curve to move outwards, or up:
True
False
14
The Law of Supply is a:
Inverse relationship
Direct relationship
15
Which one of these options
is
a non-price factor of
supply?
Expectations
Population
Technology
16
The place where the demand and supply curves intersect is called:
Equilibrium
Origin
Intersecting Axis
17
Which is
not
one of the non-price factors of
demand
?
Tastes and Preferences
Prices of Substitute Goods
Income
Number of Sellers
