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Supply & Demand Review Questions Flashcards | StudBud
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Supply & Demand Review Questions
Supply & Demand Review Questions
20 terms
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StudBud Administration
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Practice with identifying when supply and demand move and what moves it. #economics #supplyanddemand
Flashcards
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Questions
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Answers
1
A decrease in the price of butter would most likely decrease the demand for
jelly
pancakes
bagels
margarine
2
If an increase in income leads to a decrease in demand, then the good is a(n)
inferior good
complementary good
substitute good
normal good
3
Which curve does expectations impact?
Demand
Both
Neither
Supply
4
What the the relationship between price and quantity supplied?
Positive
Inverse
5
What are the two types of related goods?
Complementary and Substitute
Complementary and Inverse
Left and Right
Substitute and Teacher
6
Which would a business most likely make the most profit off of?
Phones
Butterfingers
Mansions
Paper clips
7
What is the slope of the supply curve?
Horizontal
Postive
Vertical
Negative
8
What is it called when the quantity supplied equals the quantity demanded?
Equilibrium point
common point
Intersection
Not possible
9
Which of the following would increase demand for a normal good?
a decrease in the price of a substitute
a decrease in the price of a complementary good
a decrease in income
A decrease in price
10
An increase in the number of buyers and a technological advance will cause
demand to increase & supply to increase
demand to decrease and supply to increase
demand to decrease and supply to decrease
demand to increase and supply to decrease
11
What happens when the quantity demanded out weighs the quantity supplied?
Shortage
Can't Happen
Extra
Surplus
12
What happens to demand of a product when the popularity increases?
Decreases
there is no demand for popular goods
Increases
Stays the same
13
If the amount of income increases, what would happen?
Quantity demanded increases
The demand curve moves left
The demand curve moves right
Quantity demanded decreases
14
States that the quantity demanded and price move in opposite directions.
Law of Supply
Law of Demand
Market
Law of Diminishing Returns
15
What would happen if there is more supply than demand?
Businesses buy more
People want more
Shortage
Surplus
16
If demand decreases which way does the demand curve move?
Up
Down
Right
Left
17
When the number of sellers increases in an economy what increases
Competition
Price
Demand
Supply
18
What would happen to tomato market if solmonella outbreak attributed to tomatoes?
supply will decrease & price will increase
Demand will decrease and price will decrease
supply will decrease & price will decrease
Demand will decrease & price will increase
19
If the population of an economy increases, what increases?
Output
Demand
Stability
Supply
20
Which of the following will lead to an increase in the equilibrium price of product "X"?
increase in the price of machinery used to produce product X
technological advance in the production of product X
Decrease in the price of good "Y," a substitute for X
increase in consumer income if product X is an inferior good
