[Market for Ice-Creams]. What would happen if we had a record temperature summer in NZ?

There would be a rise in Demand for Ice-Creams

The Demand Curve is downward sloping because ....

There is a negative relationship between Price & Qd

Which of the following prices is an efficient price and should be set as the equilibrium price?

Price = $4 where QD = 125 & QS = 125

Which of the following prices would result in the market having a shortage of exactly 75 units?

Price = $2 where QD = 150 & QS = 75

[Market for Ice-Creams]. The price of Ice-Cream rises

There would be a rise in Quantity Supplied for Ice-Creams

The Supply Curve is downward sloping because ....

There is a positive relationship between Price & Qs

[Market for Ice-Creams]. What would happen if the price of a complement good increased?

There would be a fall in Demand for Ice-Creams

[Market for Ice-Creams]. Research shows consuming more Ice-Cream leads to obesity

There would be a fall in Demand for Ice-Creams

[Market for Ice-Creams]. The price of inputs such as Milk rise in price

There would be a fall in Supply for Ice-Creams

Which of the following prices would result in the market having a surplus?

Price = $5 where QD = 80 & QS = 160

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13Eco - Supply & Demand

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Questions 14

Answers

1
[Market for Ice-Creams]. What would happen if we had a record temperature summer in NZ?
There would be a rise in Supply for Ice-Creams
There would be a rise in Quantity Supplied for Ice-Creams
There would be a rise in Quantity Demanded for Ice-Creams
There would be a rise in Demand for Ice-Creams
2
The Demand Curve is downward sloping because ....
There is a constant relationship between Price and Qd
There is a negative relationship between Price & Qd
There is a positive relationship between Price & Qd
All curves in Microeconomics are downward sloping
3
Which of the following prices is an efficient price and should be set as the equilibrium price?
Price = $2 where QD = 150 & QS = 75
Price = $4 where QD = 125 & QS = 125
Price = $1 where QD = 200 & QS = 50
Price = $5 where QD = 80 & QS = 160
4
Which of the following prices would result in the market having a shortage of exactly 75 units?
Price = $1 where QD = 200 & QS = 50
Price = $2 where QD = 150 & QS = 75
Price = $5 where QD = 80 & QS = 160
Price = $4 where QD = 125 & QS = 125
5
[Market for Ice-Creams]. The price of Ice-Cream rises
There would be a fall in Demand for Ice-Creams
There would be a fall in Supply for Ice-Creams
There would be a rise in Quantity Supplied for Ice-Creams
There would be a rise in Quantity Demanded for Ice-Creams
6
The Supply Curve is downward sloping because ....
There is a negative relationship between Price & Qs
All curves in Microeconomics are upward sloping
There is a positive relationship between Price & Qs
There is a constant relationship between Price and Qs
7
[Market for Ice-Creams]. What would happen if the price of a complement good increased?
There would be a fall in Demand for Ice-Creams
There would be a fall in Supply for Ice-Creams
There would be a fall in Quantity Demanded for Ice-Creams
There would be a fall in Quantity Supplied for Ice-Creams
8
[Market for Ice-Creams]. Research shows consuming more Ice-Cream leads to obesity
There would be a fall in Demand for Ice-Creams
There would be a fall in Quantity Supplied for Ice-Creams
There would be a fall in Supply for Ice-Creams
There would be a fall in Quantity Demanded for Ice-Creams
9
[Market for Ice-Creams]. The price of inputs such as Milk rise in price
There would be a fall in Quantity Demanded for Ice-Creams
There would be a fall in Quantity Supplied for Ice-Creams
There would be a fall in Supply for Ice-Creams
There would be a fall in Demand for Ice-Creams
10
A rise in Demand will see a _______ in Price and a _________ in Quantity Sold
Fall, Rise
Rise, Rise
Fall, Fall
Rise, Fall
11
A rise in Supply will see a _______ in Price and a _________ in Quantity Sold
Rise, Fall
Fall, Rise
Rise, Rise
Fall, Fall
12
Which of the following prices would result in the market having a surplus?
Price = $1 where QD = 200 & QS = 50
Price = $5 where QD = 80 & QS = 160
Price = $2 where QD = 150 & QS = 75
Price = $4 where QD = 125 & QS = 125
13
In a market, setting a price ABOVE EQUILIBRIUM will result in a _________
Shortage because Qs exceeds Qd
Surplus because Qd exceeds Qs
Surplus because Qs exceeds Qd
Shortage because Qd exceeds Qs
14
In a market, setting a price BELOW EQUILIBRIUM will result in a _________
Shortage because Qs exceeds Qd
Shortage because Qd exceeds Qs
Surplus because Qd exceeds Qs
Surplus because Qs exceeds Qd

13Eco - Supply & Demand Flashcards | StudBud