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Duplicate of Demand, Supply and Equilibrium Review Game Flashcards | StudBud
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Duplicate of Demand, Supply and Equilibrium Review Game
Duplicate of Demand, Supply and Equilibrium Review Game
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Review of Demand, Supply and Equilibrium Unit
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
Demand for insulin tends to be inelastic because the medicine is considered to be
a complementary good
a necessity
a substitute
cheap
2
The amount of a good or service a consumer is willing and able to buy @ various possible prices
demand
supply
law of demand
law of supply
3
What motivates sellers?
low prices
marketing
a and b
high prices
4
The price where the quantitysupplied & the quantity demanded for a product are equal is called
demand
supply
the right price
equilibrium price
5
The amount of money remaining after producers have paid all of their costs
profit
sales
reward
income
6
Where is the equilibrium price on a graph of supply & demand?
below it
outside the curves
where the supply & demand curves intersect
above it
7
A good that can be used to replace the purchase of similar goods when prices rise
substitute
complementary good
alternate
replacement
8
An increase in demand will result in a shift of the new demand curve
to the right
up
to the left
down
9
The amount of a good that a producer offers @ various possible prices at a given time period
law of supply
demand
supply
law of demand
10
If supply goes up, price goes .
none of the above
up
down
does not change
11
The law of ______states that the higher the price, the less people will demand of the product.
demand
equilibrium
supply
profit
12
A small change in a good’s price causes a major increase or decrease in the amount demanded
elastic demand
inelastic supply
elastic supply
inelastic demand
13
Which of the following goods would have the most
elastic
supply?
gold
gasoline
diamonds
chicken
14
At any price above the equilibrium price, there will be a
profit
loss
surplus
shortage
15
A decrease in demand will shift the new demand curve
to the left
down
to the right
up
16
When a change in a product’s price has little impact on the quantity demanded
inelastic supply
inelastic demand
elastic demand
elastic supply
17
Price will rise when ________________ exists in a market.
equilibrium
a surplus
a shortage
none of the above
18
Which of the following goods would have the most
inelastic
demand?
designer jeans
Nike Shocks
root beer
gasoline
19
This law states that producers will supply more goods & services at higher prices
demand
supply
all of the above
equilibrium
