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Unit 2 Supply and Demand Review Flashcards | StudBud
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Unit 2 Supply and Demand Review
Unit 2 Supply and Demand Review
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1
Scarcity is the difference between demand and supply
False
True
2
The Latin term for “other things held constant” is
Ceteris paribus
Carpe diem
Status quo
E pluribus unum
3
Supply and Demand Graphs- Identify the graphs
A change in quantity demanded
An increase in supply
The equilibrium point
4
Which product has an inelastic demand?
Gucci Bag
Toothpaste
Chanel Shoes
Chipotle
5
Rent control is a type of
Variable cost
Price floor
Price ceiling
Surplus
6
What is supply?
something that people make or grow
work that people do for other people
how much of a good or service people want to buy
how much of a good or service is available to buy
7
Supply and Demand Graphs- Identify the graphs.
The equilibrium point
An increase in supply
A change in quantity demanded
8
If the price of cakes goes up and bakers are willing and able to bake more cakes, this shows a(n)
Increase in quantity supplied
Decrease in supply
Increase in supply
Decrease in quantity supplied
9
Which of the following would be a fixed cost for a store?
Electricity
None- they are all variable costs
Wages for hourly workers
Salaries of the full time workers
10
Law of demand
P up, Qd down
P up, Qd up
11
Prices are influenced by supply and demand.
Command
Mixed
Traditional
Market
12
When graphing demand
Price is on the horizontal (x) axis
None of the answers is correct.
Quantity is on the vertical (y) axis
Quantity is on the horizontal (x) axis
13
The supply of seating at most concerts is
Inelastic
Perfectly elastic
Elastic
Perfectly Inelastic
14
The Law of Demand states that
As price increases, quantity increases.
As price increases, quantity decreases.
Price changes shift the demand curve.
Price changes have no effect on quantity.
15
Law of supply
P up, Qs up
P up, Qs down
16
Which of the following is NOT a factor of supply?
state of technology
government regulation
cost of resources
consumer tastes
17
Minimum wage is an example of a
Price Ceiling
marginal cost
Price floor
Supply cost
18
Supply and Demand Graphs- Identify the graphs
The equilibrium point
An increase in supply
A change in quantity demanded
19
Who determines supply?
Sellers
Buyers
20
When you eat a lot of ramen noodles because you don’t have a lot of extra money, the noodles could be considered
Substitutes
Normal goods
Complements
Inferior goods
