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Demand and Supply
Demand and Supply
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Identify the causes and effects of shifting curves
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Questions
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Answers
1
The shifting curve below could be caused by
A decrease in the price of a complement
A decrease in the number of consumers
A decrease in input prices
An increase in input prices
2
The shifting curve below could be caused by..
an increase in the number of suppliers
an increase in the price of the good
an increase in input prices
an increase in the price of a substitute
3
Demand decreased, as shown below. The resulting change to equilibrium price and quantity is
Price increased and quantity decreased
Price increased and quantity increased
Price decreased and quantity increased
Price decreased and quantity decreased
4
The want and ability to purchase a good or service
Law of Demand
Demand
Supply
Law of Supply
5
This is an example of a product with...
Elastic Demand
Inelastic Supply
Inelastic Demand
Elastic Supply
6
Supply increased, as shown in the graph. The resulting change to price and quantity is
Price decreased and quantity increased
Price increased and quantity decreased
Price increased and quantity increased
Price decreased and quantity decreased
7
Supply decreased, as shown in the graph. The change to price and quantity is
Price decreased and quantity decreased
Price decreased and quantity increased
Price increased and quantity increased
Price increased and quantity decreased
8
From Vinny's Pizza, what where Vinny's Parents Names?
Jack and Dianne
Philipe and Paula
Larry and Lisa
Harry and Hazel
9
If the quantity demanded is greater than the quantity supplied you would have a ________
liquidation sale
surplus
BWP
shortage
10
Demand increased, as shown in the graph. The change to price and quantity is
Price increased and quantity increased
Price decreased and quantity increased
Price decreased and quantity decreased
Price increased and quantity decreased
11
As price increases people are going to be less willing to purchase the good or service
Law of Supply
Supply
Law of Demand
Demand
12
When quantity supplied equals quantity demanded
BWP
shortage
surplus
equilibrium
13
If the quantity supplied is greater than the quantity demanded you would have a ________
equilibrium
shortage
surplus
14
Ms. Hasken's favorite baseball team is...
Twins
Cardinals
Cubs
Braves
15
an event that could cause the shift in the curve below is
an increase in the price of a complement
an increase in the price of a substitute
an increase in supply
a decrease in an input price
16
The ability and willingness to provide a good or service in a market.
Law of Demand
Law of Supply
Demand
Supply
17
Vinny made how much money on the day of his grand opening?
2,500
2,000
3,000
1,500
18
Which of the following is incorrect
Executive Branch enforces the law
Legislative Branch makes laws
Supreme Court Justices serve 6 year terms
Judicial branch Interprets the law
19
Which product has a more ELASTIC demand?
Rubber Bands
New Automobiles
Iron ore
20
An event that could cause the shifting curve below is
an increase in the price of a substitute
a decrease in the price of the good
an increase in input prices
an increase in the price of a complement
21
Who has the power to make laws?
Executive branch
President
Congress
Judicial Branch
22
As price falls the willingness to provide the good or service also decreases
Law of Supply
Supply
Law of Demand
Demand
23
That store in Charlotte called BWP, gets most of it's products due to what? If they are still open??
Equilibrium
suprluses
shortages
