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Supply And Demand Flashcards | StudBud

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A product with a high price elasticity will have...

A high cost of production will cause a decrease in supply.

Supply And Demand

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Questions 11

Answers

1
A high cost of production will cause a decrease in supply.
False
True
2
A product with a high price elasticity will have...
A gentle demand line.
A steep demand line.
A steep supply line.
A gentle supply line.
3
PASIFIC stands for...
Promotion,Advertising, Sales, Income, Frequency, Interest, Cross Elasticity
Productivity, Awareness, Sales, Inflation, Fashions, Interest, Costs
Price,Advertising, Substitutes,Income, Fashions, Interest,Cross Elasticity.
4
Income in PASIFIC refers to:
Money
The number of employees with a salary over £39,000
The socioeconomic group targets of the product.
The revenue of the product.
5
Productivity affects Demand
True
False
6
An increase in subsidies would...
Decrease Supply
Increase Supply
Increase demand
Decrease Demand
7
What is supply?
Quantity of goods that a business is able and willing to sell to customers.
Quantity of product that a customer is willing to sell to business.
Quantity of a product that consumers are able and willing to sell.
Quantity of product that a business is going to sell to consumers.
8
Indirect Taxes affects Demand
False
True
9
A natural disaster affecting a supplier would...
Decrease Demand
Increase Demand
Decrease Supply
Increase Supply
10
The equilibrium price is what?
The price at the point where customers will buy it.
The price at the point where supply completely satisfies demand.
The supply at the point where demand satisfies price.
The demand at the point where the price is at demand.
11
Subsidies affect Supply
False
True