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Demand, Supply, and Equilibrium Review Flashcards | StudBud
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Demand, Supply, and Equilibrium Review
Demand, Supply, and Equilibrium Review
15 terms
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StudBud Administration
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A #demand #supply #equilibrium #economics review
Flashcards
15 cards
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Questions
15
Answers
1
What is the quantity supply of chocolate bars if there is a price floor of $1.60?
100
200
400
500
2
What is happening to the price and quantity of the equilibrium shown in the graph?
price decreasing and quantity increasing
price and quantity increasing
price increasing and quantity decreasing
price and quantity decreasing
3
A decrease in the price of soft drinks would
Increase quantity demand
Increase demand
Increase supply
Increase quantity supply
4
What is the quantity demand of chocolate bars if there is a price floor of $1.60?
100
400
500
200
5
An increase in the price of bananas would
Increase demand
Increase quantity supply
Increase quantity demand
Increase supply
6
A decrease in the cost of resources would
Increase demand
Increase quantity supply
Increase supply
Increase quantity demand
7
What is the equilibrium quantity on the graph?
300
100
400
200
8
An increase in population would
Increase quantity supply
Increase supply
Increase demand
Increase quantity demand
9
People liking french fries more than before would
Increase price and decrease quantity
Decrease price and increase quantity
Increase price and quantity
Decrease price and quantity
10
What is happening to the equilibrium in the graph shown?
price decreasing and quantity increasing
price increasing and quantity decreasing
price and quantity increasing
price and quantity decreasing
11
Which of the following would cause the change in equilibrium in the graph shown?
A decrease in resource costs
A decrease in price
An increase in technology
A decrease in producers
12
The cost of wood, a component of building houses, decreasing in price would
Increase price and quantity of houses
Decrease price and quantity of houses
Decrease price and increase quantity of houses
Increase price and decrease quantity of houses
13
What would cause the change in equilibrium in the graph?
Expectations of lower prices in the future
Better technology
Lower population of consumers
Increasing prices of substitute goods
14
What is the equilibrium price on the graph?
2
8
6
4
15
What is the quantity supply of chocolate bars if there is a price ceiling of $1.60?
200
500
300
100
