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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Answers
1
Law of supply says...
Price goes down people buy more
Suppliers gonna supply
Input costs raise prices
Price goes up sellers offer more goods and services for sale
2
Which price would result in a shortage?
Anything under $3
Anything on the demand curve
Anything over $3
$4
3
Which point would create a shortage?
F
J
S
K
4
If a hurricane hits this farmers crops-what line and which direction will the graph shift?
Demand, Left
Demand, Right
Supply, Left
Supply, Right
5
What is supply?
How much something costs to make
Productivity Incentives
The goods and services a consumer is willing and able to buy
Goods and services a producer is willing to make and sell
6
What is the correct formula to find elasticity?
(new-old)/old x 100
(new x old)/old x 100
(old-new)/new x 100
(old/new) x old x 100
7
Which point would show a price ceiling?
S
E
G
J
8
What happens to demand when prices increase?
Stays the same
Equals 1
Goes up
Goes down
9
Which point shows equilibrium?
S
E
J
K
10
I sell cupcakes for $1 & have a 8 cookie shortage & sell them for $1.50 & have a 8 cookie surplus. What is my equilibium
$1.25
50 cents
8
$3
11
What does a price floor create?
Equilibrium
Surplus
Elasticity
Shortage
12
If the government made the farmers sell for $4 what would this be and what would it create?
Price Ceiling, Shortage
Price Ceiling, Surplus
Price Floor, Surplus
Price Floor, Shortage
13
Which is an example of substitute goods?
Shoes and shoelaces
Basketball and air pump
Iphone and Android
Baseball and a glove
14
How much is supplied at $2?
60
90
40
20
15
What is the equilibrium?
$3, 70
$4, 40
$1, 100
$2, 90
16
If the price goes up and demand goes down drastically is it...
Inferior Good
Inelastic
Elastic
Neutral Good
17
What is the only thing that moves demand ALONG the curve?
Demand
Price
Quantity
Supply
18
Law of demand
P up, Qd down
P up, Qd up
19
What is demand?
a table that lists the various quantities of a product
a graph that shows the amount of a product
the desire, willingness and ability to buy a good or service
20
Which are complementary goods?
Tea and coffee
Shoes and shoe laces
Basketball and baseball
Android and Iphone
21
What do lower prices motivate consumers to do?
SAVE
SELL
INVEST
BUY
22
If we shift the demand curve right what happens to the equilibrium price?
Stays the same
Goes down
Goes up
Becomes free!
