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supply and demand Flashcards | StudBud
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supply and demand
supply and demand
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Answers
1
All of the following would cause a level change in supply EXCEPT....
change in the retail price of the product in question
producers' expectations
change in production costs
change in the number of suppliers in the market
2
The Law of Supply states that there is a ____ relationship between price and quantity supplied
direct
positive
negative
opposite
3
Who gains useful information form the Law of Variable Proportions?
consumers
government
producers
small businesses
4
Situation where demand exceeds supply is...
equilibrium
supply
shortage
surplus
5
Land, labor, capital and entrepreneurship are...
factors of production
input
facilitating factors
input and factors of production
6
Market in which producers must compromise the most is...
oligopoly
near monopoly
pure competition
monopolistic competition
7
The Law of Demand states that there is a __ relationship between price and quantity demanded.
complementary
non-existent
direct
inverse
8
The concept that as input varies output varies is...
Law of Supply
Law of Variable Proportions
Law of Output
Law of Demand
9
A level change is caused by....
all of these
a change in perceptions
a change in the price of related products
a change in buyer's income
10
Efficient use of the factors of production is the main element in which of the following?
Law of Demand
Law of Supply
Equilibrium
Theory of Production
11
Which of the following describes equilibrium?
all of these
safe place for a producer to operate
supply and demand are equal
intersection of supply and demand
12
A quantity change is caused by...
change in buyer's income
a change in price
change in the price of a related product
a change in perceptions
13
Situation where supply exceed demand is...
surplus
shortage
demand
equilibrium
14
Concept that adding additional units of input results in a declining
rate
of production is...
diminishing returns
negative returns
marginal utility
increasing returns
15
A cost of production associated with producing additional units after the first unit is...
marginal cost
variable cost
fixed cost
positive cost
16
Demand can change in the following way(s)...
quantity and level
quantity
level
quantity and quality
17
A complementary product...
is expensive
is a good substitute for another product
is harmful
"goes with" another product
18
Concept that states that usefulness decreases as additional units are acquired is...
Principle of Diminishing Marginal Utility
Law of Variable Proportions
Principle of Diminishing Returns
Principle of Diminishing Usefulness
19
A ___is a chart that represents the relationship between price and quantity demanded
pie chart
schedule
model
graph
20
A cost of production that is
not
affected by rate of production is....
total cost
marginal cost
fixed cost
variable cost
