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Supply and Demand
Supply and Demand
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Junior Cycle Supply and Demand Quiz
Flashcards
16 cards
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Questions
16
Answers
1
What is the equilibrium in the diagram?
20 Tons, €0.75
10 Tons, €2.50
35 Tons, €1.25
50 Tons, €1.75
2
When income decreases
Supply Increases
Supply Decreases
3
This is a Supply Curve
True
False
4
How would the price of chocolate be affected if the cocoa bean was wiped out in Brazil?
Price would increase
Price would decrease
5
When prices are high: supply of the product or service will _________.
Increase
Decrease
6
What might happen if the cocoa bean crop was wiped out in Brazil?
Supply of chocolate would increase
Supply of chocolate would decrease
7
Where supply equals demand this is known as ___________
Break Even Point
Surplus
Shortage
Equilibrium
8
The factor affecting S&D that relates to what is popular one year and not the next is called:
Laws
The economy
Population
Fashion/Trends
9
When demand is greater than supply of a product or service, a shortage occurs.
True
False
10
This is an example of __________ curve.
Supply
Demand
11
A market is where....
potential buyers and sellers come together to chat
potential buyers and sellers come together to play
potential buyers and sellers come together to learn
potential buyers and sellers come together to trade
12
Which one of the following words is NOT a factor that affects supply and demand?
Price
Currency
Income
Laws
13
Identify 1 business that would benefit from an increase in the number of babies born in Ireland
Huggies
Carphone Warehouse
Pierce's Dentist
14
ebay is an example of virtual market
False
True
15
What is another name for a economic decline?
Celtic Tiger
Recession
Surplus
Shortage
16
What type of market is the picture?
National
Farmers
Festival
International
