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Supply and Demand
Supply and Demand
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Answers
1
Which of the following options would have the effect shown on the diagram below
Increase in price of a sustitute good
Increase in price of a complementary good
Reduction in production costs
Reduction in price of the product
2
What is the revenue of the firm if the price charge is £3
£210
£300
£120
£40
3
When the price of cakes is $3 what is the firms revenue?
£7
$12
£30
$21
4
What is not always a condition of demand?
Price of substitutes
Income
Price of complements
Weather
5
After which quantity does diminishing marginal utility set in?
5
0
4
1
6
What would cause the shift in supply shown below?
A decrease in the tax on the producer
A decrease in the amount of subsidy given
A rise in the price of the product
New production technology is used
7
Changes in VAT impact the demand curve
False
True
8
Marginal means one extra.
False
True
9
What is likely to have the greatest impact on the supply curve for a restaurant chain?
A disease which kills Olive Trees in Spain
A rise in the price of sugar
A large increase in the minimum wage
A rise in income tax
10
What would have the biggest impact on the demand for foreign travel?
A rise in the price of train tickets
A rise in incomes
More legroom on all commercial aeroplanes
Increase in the price of jet fuel
11
What is not a condition of supply for an Airline?
Weather in the U.K
landing slot charges by the airport
Wages of pilots
Cost of jet fuel
12
Which of the following are the closest examples of complementary goods?
Keyboard and desktop computer
laptops and tablet computers
soy milk and coffee
coffee and tea
13
At what quantity would total utility be maximised?
4
none of the above
7
5
