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