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Learning Check - Demand & Supply (W7D3) Flashcards | StudBud
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Learning Check - Demand & Supply (W7D3)
Learning Check - Demand & Supply (W7D3)
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Questions
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Answers
1
The Law of Supply says that as the price of a good increases then...
more of that good will be demanded
more of that good will be produced
less of that good will be demanded
less of that good will be produced
2
If the demand for a good increases when people's incomes increase, ____________.
the good is a normal good
the good is an inferior good
the good's demand curve must be upward sloping
the law of demand is violated
3
The Law of Supply is controlled by whom?
Sellers
Consumers
Government
Buyers
4
Which of the following best describes the Law of Demand?
As price increases, quantity demanded increases
Price and quantity demanded are unrelated
As price decreases, quantity demanded decreases
As price increases, quantity demanded decreases
5
Demand is unitary elastic if it is less than 1.0.
True
False
6
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are ________.
inferior goods
substitutes
resources
complements
7
Price of 'Related goods' comprises _________.
substitute goods and complemenatry goods
normal goods and inferior goods
8
Demand curve is most shown with this slope on a graph.
Positive
Horizontal
Vertical
Negative
9
A Supply Curve is most often shown with this slope on a graph.
Negative
Horizontal
Vertical
Positive
10
Luxuries have _________.
higher elasticities
low elasticity
11
What caused this to happen?
Increase in price of substitute
Decrease in income
Decrease in price of complement
Increase in Income
12
Which graph shows the supply curve
C
A
D
B
