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Price mechanism
Price mechanism
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How prices are determined in the market
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
which of the following combination influence supply of potatoes to fall?
i only like fries
Good weather, price of potatoes fall
drought, flood and price of rice rise
i don't like potatoes
2
Based on the production possibility graph,
changes in the level of demand occurred.
Point D means labour resources are not fully employed
i don't know
let my friend answers
3
Which of the following answer combination influence the change in demand for a ski vacation?
income and the price of ski vacation
Income, income tax and advertising
price of ski vacation
supply of ski vacation
4
Which of the following caused demand for milk to increase?
cookies price increases
Advertising: Milk is good for bones
price of milk drops
coffee prices rises
5
market equilibrium occurs when...
quantity demanded equal quantity supplied
demand curve intersects with supply curves
all of the answers are true
quantity demanded satisfied by quantity supplied
6
Which of the following explains the law of supply?
chicken suppliers increase quantity supplied when price fall
same as the law of demand
Quantity supplied of chicken rise when chicken's price rise
i dont know
7
The graph can best be explained by,
flood occurred, coffee destroyed, price rise
coffee demand fell, price rise
coffee harvest rise, price rise, demand expands.
coffee supply falls, price falls, demand falls.
8
Firms' profit expectation would influence
the demand for good in the market
the demand to increase in the market
the supply of goods and services in the market
government decisions
9
quantity demanded for lobsters will
increase when the price of lobsters rise
increase when the price of prawns falls
decrease when the price of prawns rise
decrease when the price of lobsters increase
10
market equilibrium price will decrease when..
demand and supply both increase
demand and supply both decrease
none of the answer above
supply increase or demand decrease
11
Change in quantity demanded and change in demand are different because?
none of the above
change in quantity demanded is due to price change
they are both caused by the change in price of the product
change in quantity demanded is due to its substitute's price
12
Which is true about the market?
a market is directly set up by governments
a place for meeting of producers only
a place to be to relax
a place where buyers and sellers meet
13
demand for oranges will
increase when price of apples increases
increase when the price of oranges falls
increase when the price of oranges increases
increase when price of apples falls
14
the law of demand states that
an expansion of demand occur when prices falls
none of the above
a contraction of demand occur when prices fall
an expansion of demand occur when prices rise
15
substitute for waffles for breakfast would be?
chicken sausages
apples
scrambled eggs
toasted bread
16
Based on the graph,
supply of chocolate bars decreased
price of raw cocoa decreased
demand for chocolate bars increased
natural disaster occurred and destroyed cocoa farms.
17
Which level of prices for gasoline will cause a surplus and/or a shortage?
A surplus at $ 1.80 and a shortage at $ 1.20
$ 1.40
At $2.20 a shortage would occur and at $ 1.00 a surplus
no surplus or shortage
18
consumers wants can be
none of the answers above
satisfied by buying goods only
satisfied by combining resources
satisfied by buying and consuming goods and or services
19
an increase in market equilibrium price occurs when...
both demand and supply decrease
demand increase or supply decrease
demand decrease or supply increase
demand or supply increase
20
In the market for garlic,
it's supply can rise due to new farming ways.
it's supply can fall if garlic is imported
it's demand can fall if the price rise
it's demand would increase if the price falls
