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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
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Review for Supply and Demand Test
Flashcards
12 cards
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Practice quiz
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Host live
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Questions
12
Answers
1
What is it called in a market when buyers buy exactly the same amount as sellers want to sell.
shortage
equilibrium
surplus
disequilibrium
2
A price that is HIGHER than equilibrium will cause a __________ in the market.
shortage
demand to be greater than supply
surplus
equilibrium
3
Price? You start a lawn business and four of your friends decide to also start a lawn business.
Rise
Fall
4
Which of the following would increase the price of Dog Food?
an increase in the supply of dog food
a decrease in the demand for dog food
many dogs die of a terrible disease.
an increase in the demand for dog food
5
Price? A severe flood ruins a large portion of North Carolina’s cotton crop.
Rise
Fall
6
If there is a surplus, the quantity demanded is ____________ than quantity supplied
the same
lower
higher
it depends
7
When there is a shortage, the price will do what?
Decrease
Increase
it depends
Stay the Same
8
If your income increases what will happen to your demand for an inferior good (like spam)?
spam is delicious
it will increase
it will decrease
nothing
9
Price? You design signs for local businesses and your only competitor moves to another state.
Rise
Fall
10
If the price of Pepsi goes up, what will happen to the demand for Coke?
it will increase
it will stay the same
who knows coke tastes horrible anyway
it will decrease
11
When buyers and sellers come together
Thanksgiving
Goods and Services
The hallway
A Market
12
Price? Because of excellent weather, the production of cotton goes up by 50 percent.
Fall
Rise
