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Supply and Demand Curves Flashcards | StudBud
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Supply and Demand Curves
Supply and Demand Curves
17 terms
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StudBud Administration
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A Review of Supply and Demand curves including equilibrium. Also includes single and double shifts.
Flashcards
17 cards
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Questions
17
Answers
1
Single shift: the demand curve will shift right; therefore,
the price will decrease and the quantity will increase
the price will increase and the quantity will decrease
the price and quantity will both decrease
the price and quantity will both increase
2
Double Shift: Supply shifts right and demand shifts right and price will__ and quantity will__.
increase; decrease
be undetermined; decrease
decrease; increase
be undetermined; increase
3
The supply curve.....
is the most important part of the economy
Angles down and To the right
angles up and to the right
Is not present
4
Which is not one of the six factors that causes a shift in the demand curve?
Changes in technology
Change in producer expectations
change in number of producers
Changes in income
5
In a shortage....
more is demanded than what is supplied.
A woman is super short and her husband is super tall
more will be supplied than that is demanded
A guy is super short and his wife is super tall.
6
Equilibrium is found where...
Marginal cost and marginal benefit intersect
demand crosses the Y-axis
Marginal benefit and demand intersect
Marginal cost and supply intersect
7
Increase in price of good or service A, so people buy a substitute good or service B is called
income effect
complement effect
Brock effect
substitution effect
8
Price will be undetermined and the quantity will decrease you know what about supply and demand
supply and demand both shifted left
supply shifted right and demand shifted left
supply shifted right and demand shifted right
supply shifted left and demand shifted right
9
Equilibrium is also known as...
Brock and Jaden's rule of efficiency
socially efficient
marginally efficient
allocatively efficient
10
The supply and demand model is a model of how a(n) _________________ market works.
competitve
communistic
free
noncompetitve
11
The supply curve will shift right and demand will shift left, the price and quantity will
remain the same; increase
increase; undetermined
undetermined; stay the same
decrease; undetermined
12
Single shift: supply shifts left; therefore,
price and quantity will both increase
price will decrease and quantity will increase
price will increase and quantity will decrease
price and quantity will both decrease
13
The law of supply holds that other things equal...
as price of a good rises the quantity stays the same.
as the price of a good rises the quantity supplied falls
as the price of good falls the quantity supplied will rise
as the price of a good rises the quantity supplied will rise
14
The law of demand states that other things equal...
there is no demand
as the price falls the more will be demanded
as the price falls the less will be demanded
as the price rises the more will be demanded.
15
A surplus is....
More is demanded than what is supplied
supply and demand are equal
demand and supply are equal
more supplied than what is demanded
16
Which is one of the six factors that cause a shift in supply?
Change in input costs
Change in number of consumers
Change in output costs
Change in income
17
Amount of a good or service a consumer purchases changes as their income changes is called...
Complement effect
Income effect
Substitution effect
Jaden effect
