stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
RGS Supply and Demand Quiz Edexcel Business Flashcards | StudBud
Explore
/
RGS Supply and Demand Quiz Edexcel Business
RGS Supply and Demand Quiz Edexcel Business
14 terms
·
StudBud Administration
·
206 plays
#EdexcelBusiness #supplydemand #shortage #surplus
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
How will the roll-out of the new (and safer) Super Fuzzy Wuzzy affect demand for Fuzzy Wuzzy?
the old Fuzzy Wuzzys will feel neglected
the old Fuzzy Wuzzys will attack and eat the new ones
demand will increase
demand will decrease
2
An increase in the price of a product will cause
demand to increase
Sponge Bob to increase
contraction in demand
supply to decrease
3
A shortage of a good can be expected whenever
price of the good is above equilibrium price
price of the good is below equilibrium price
price of the good is equal to equilibrium price
the good goes out of style
4
How will a decrease in average income affect inexpensive clothing from WalMart?
demand down and price up
demand will increase
demand down and price down
demand up and price down
5
An increase in price of hot dogs means decrease in demand for mustard. They must be
delicious
substitute goods
complementary goods
independent goods
6
The reason that "Talk is cheap" is that
supply is much greater than demand
demand is much greater than supply
7
How will a decrease in the price of hot dogs affect hamburgers?
demand will increase and price will decrease
demand will increase and price will increase
demand will decrease and price will increase
there will be a contraction in demand
8
Assuming Kindles are inferior goods, which of the following statements is true?
iPad price down means demand for Kindles (a sub.) up
increase in income means demand for Kindles will fall
decrease in income means demand for Kindles down
iPad price increase means demand for iPad cases up
9
If the price of apple pie increases, the demand for ice cream (a compliment) will
increase
decrease
melt away
be unchanged
10
If the price of Snickers is above equilibrium price. This will result in
a shortage of Snickers
Snickers in school lunches
a surplus of Snickers
a further increase in the price of Snickers
11
If the price of hamburgers decreases, the demand for hot dogs (a sub.) will
decrease
remain unchanged
increase
Sponge Bob
12
What might cause an increase in the demand for Fuzzy Wuzzys?
injuries to small children and pets swallowing Fuzzy Wuzzys
more substitutes for Fuzzy Wuzzys
increase in the price of Fuzzy Wuzzys
advertising for Fuzzy Wuzzys
13
An increase in the price of Snickers will result in a(an)
decrease in supply of Snickers
increase in demand for Snickers
contraction in demand for Snickers
14
Which of the following will
NOT
cause the demand curve for product A to shift?
change in price of an unrelated good
increase in consumer income
decrease in the price of substitute
increase in the price of substitute
