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Supply, Demand and Equilibrium
Supply, Demand and Equilibrium
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
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Questions
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Answers
1
What is the equilibrium quantity?
2 units
5 units
4 units
7 units
2
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
price, quantity
quantity, demand
price, supply
demand, supply
3
A table showing the quantities supplied of a good at various prices is a
law of supply
supply curve
factors affecting supply
supply schedule
4
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
5
The equilibrium price and quantity would be...
P=$5, Q=6
P= $5, Q=5
P = $5, Q= 4
P= $6, Q= 5
6
When supply is greater than demand, a _________ will result
balance
equilibrium
shortage
surplus
7
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price increases
All of the above
8
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Demand
Supply
Price
Quantity
9
Which of these factors may cause a shift in the demand curve?
All of the above
A change in trends and fashions
A change in the size of the population
Good or bad publicity
10
A supply curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
11
What Causes a shift in the Demand
income
Consumer Tastes & Advertising
All of the above
Consumer Expectations
12
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
13
Which of the following is not a factor affecting supply ?
Income
Government actions
Technology
prices of other goods
14
Which of the following is NOT a factor that affects supply
Changes in Income
Price of other goods
Price of the good
Changes in Technology
15
A leftward shift of supply will:
decrease equilibrium quantity.
increase demand.
increase equilibrium quantity.
decrease demand.
16
If the demand curve shifts to the left there has been an increase in demand.
False
True
17
What is the equilibrium price?
$7
$5
$4
$2
18
Which of the following is not a factor affecting demand?
Tastes and preferences
Income
Price of complements
Number of producers
19
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
20
A graphical representation of a supply schedule is
demand curve
law of supply
supply curve
law of demand
21
What happens when the supply is high and the demand is low?
The Prices tend to fall
Prices go crazy and have a party
You have the equilibrium
The Prices tend to increase
22
A decrease in demand is shown graphically by
A movement down
A movement up
A shift to the right in the demand curve.
A shift to the left in the demand curve
23
What happens to the supply curve when the number of sellers decrease?
No change
No change
It shifts right
It shifts left
24
At price of $2 what is the quantity demanded?
2 units
5 units
4 units
8 units
25
Where supply and demand curves meet is known as:
equilibrium
coincide
connection
equal
26
The law of supply states
As prices increase, supply falls
As prices increase, demand falls
As prices increase, supply increases
As prices increase, demand increases
27
Demand is the quantity of a good or service that buyers...
will purchase at the same rates during a special time-period
no clue...
will purchase at no rates during no specific time-period
will purchase at various rates during a given time-period
28
Market Equilibrium is when the demand curve?
Is at its highest value
Is at its lowest value
Meets the Supply Curve
When there is a steady supply
29
What happens to a supply curve when the number of sellers increase
It shifts leftward
It shifts downward
It shifts upward
It shifts rightward
30
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
31
what would happen on a supply and demand curve if a tax was put on materials?
the supply curve would shift to the right
the demand curve would shift to the right
the demand curve would shift to the left
the supply curve would shift to the left
32
What is the equilibrium price?
$40.00
$50.00
$70.00
$60.00
33
Price changes shift the demand curve
False
True
34
Consumer Tastes has a massive effect on product demand
False
True
35
At what price will 7 units be supplied to the market?
$2
$7
$5
$4
36
A graphical representation of a demand schedule is
supply curve
law of supply
demand curve
law of demand
37
Quantity in the context of the supply curve means..
The price that sellers want to sell as
The amount that's supplied by the business
The price that consumers want to buy as
The amount consumers are buying
38
The law of demand states
As prices increase, demand falls
As prices increase, supply falls
As prices increase, demand increases
As prices increase, supply increases
39
When Creating a supply and demand curve how do you label each axis?
X= number of buyers Y=number of sellers
X=Quantity Y=Price
X=Price Y= number of sellers
X=Quantity Y= number of buyers
40
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
41
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
False
True
42
At price of $2 what is the quantity supplied?
7 units
4 units
2 units
5 units
43
Which of the following is NOT a factor that affects demand
Changes in Technology
Price of the good
Changes in Income
Price of other goods
44
What does equilibrium mean?
A point where QS=QD
A point where QS<QD
A point where QS>QD
A point where P=QS
45
Locate the equilibrium
The quantity
Where all the lines meet in the middle
The supply line
The demand line
46
A shift in a demand curve caused by factors that affects your willingness to purchase
False
True
47
A shift in the supply curve to the left means:
quantity producers offer at every price stays the same.
none of the above
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
48
A table showing the quantities demanded for a good at various prices is a
factors affecting demand
demand curve
demand schedule
law of demand
49
Who determines demand?
Sellers
Buyers
50
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Price
Demand
Quantity
Supply
51
Price has increased causing the supply curve to shift to the left.
True
False
52
When demand is greater than supply, a _________ will result
shortage
balance
equilibrium
surplus
53
What does a demand curve show
amount the buyers are willing to purchase from the price
Amount buyers negotiate on
Nothing
The products
54
Changes in price shift the supply curve, no matter what they are
True
False
