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Economics-Supply and Demand Flashcards | StudBud
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Economics-Supply and Demand
Economics-Supply and Demand
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Questions
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Answers
1
What could be a detriment to the profit of a hair salon in your town?
Another Salon opens across the street
School Starting
Fashion Trend for short hair
Summer
2
Cold Weather is a detriment to which of the following producers?
Oil
Boots
Sunscreen
Gloves
3
Rainy Weather is a detriment to the sale of rain ponchos at a football game.
False
True
4
What happens to price if there is high demand and low supply of a product?
Arby's
Remains the Same
Goes Up
Goes Down
5
What happens to the price if there is a shortage of a product?
Goes Down
Remains the Same
Equillibrium
Goes Up
6
What traditionally happens to the price of a good when there is new competition?
Remains the Same
Goes Up
Goes Down
Wendy's
7
What will happen to the demand for hamburger buns if the demand for hamburgers goes up?
Equillibrium
Goes Down
Goes Up
Remains the same
8
If there is more demand for a product what happens to the price?
Goes Down
Burger King
Remains the Same
Goes Up
9
Warm weather is a detriment to hot chocolate sales at Laurel Oaks.
False
True
10
What can happen to the price of fuel if unemployment rises and demand for products go down?
Goes Down
Goes Up
Equillibrium
Remains the Same
11
What will happen to demand for hot chocolate at Laurel Oaks if it is cold outside?
Remains the Same
Swiss Miss
Goes Up
Goes Down
12
A problem of Supply and Demand is
unlimited wants and limited resources
unlimited wants and unlimited resources
limited wants and unlimited resources
limited wants and limited resources
13
What is it called when supply equals demand?
Goes Down
Equillibrium
Remains the Same
Goes Up
14
If there was less demand for a product what happens to the price?
Remains the Same
Goes Up
McDonalds
Goes Down
15
What happens to the price if there is a surplus of a product?
Goes Down
Equillibrium
Remains the Same
Goes Up
16
What happens to the price of a good if it is scarce?
Equillibrium
Remains the Same
Goes Up
Goes Down
17
What would cause supply to increase, and make the supply curve shift to the right?
Price of electric power goes up at your plant.
Employ inexperienced workers.
Employees get new training to be more efficient.
Your Technology is behind the times.
