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Econ Midterm part 2 Flashcards | StudBud
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Econ Midterm part 2
Econ Midterm part 2
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Questions
18
Answers
1
Which of the following is not an example of elastic demand?
electricity
manicures
fur coats
hamburger
2
The law of demand states...
$ increases causing QD to decrease
$ increases causing D to decrease
$ increases causing QD to increase
$ increases causing D to increase
3
The factor/s that would cause the supply curve to change or shift is...
population
price
income
Input cost
4
When price changes quantity demanded drastically, demand is
Elasitc
Inelastic
5
X represents
Surplus
Shortage
Equilibrium
Supply Curve
6
A price ceiling creates
Shortage
Surplus
7
When quantity demanded is not changed much by price, demand is
Elasitc
Inelastic
8
This graph shows
Demand increasing
Supply increasing
Supply decreasing
Demand decreasing
9
U represents...
Supply
Quantity
Demand
Price
10
Z represents...
Quantity
Supply
Demand
Price
11
V represents...
Quantity
Demand
Price
Supply
12
The law of supply states:
$ increases causing S to increase
$ increases causing QS to increase
$ increases causing QD to increase
$ increases causing QS to decrease
13
A change in demand can be caused by...
All of the other answers
Seasons
Consumer Taste
Demographics
14
Which of the following is an example of inelastic demand?
concert tickets
sports cars
massages
water
15
Z represents
Supply Curve
Equilibrium
Surplus
Shortage
16
The price at equilibrium causes
the market to clear
Shortage
Surplus
Price Ceiling
17
Y represents
Surplus
Supply Curve
Shortage
Equilibrium
18
U represents...
Price
Quantity
Supply
Demand
