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Duplicate of Economics Review Unit 2 Flashcards | StudBud
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Duplicate of Economics Review Unit 2
Duplicate of Economics Review Unit 2
20 terms
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Demand, Supply, Equilibrium
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The Law of Supply says that
As Quantity decreases, Price increases
As Quantity increases, Price decreases
As Quantity decreases, Price stays the same
As Price decreases, Quantity decreases
2
What happened to the Equilibrium Quantity after the Demand Curve shifted to the right?
Increased to 400
Decreased to 200
Increased to 100
Decreased to 300
3
What kind of curve is this?
Equilibrium Curve
Demand and Supply Curve
Supply Curve
Demand Curve
4
On a Supply Curve, if the Price is decreasing then
The Quantity Supply is decreasing.
The Quantity Supply is increasing.
5
What is the Quantity at a Price of $16?
6
11
10
5
6
On a Demand Curve, if the Price is increasing then
The Quantity Demand is decreasing.
The Quantity Demand is increasing.
7
What happened to the Equilibrium Price after the Demand Curve shifted to the right?
Decreased to $0.80
Increased to $1.20
Decreased to $2.00
Increased to $1.60
8
On a Demand Curve, if the Price is decreasing then
The Quantity Demand is increasing.
The Quantity Demand is decreasing.
9
What is the Equilibrium Quantity on the graph shown?
400
300
200
100
10
Which curve is shifting in the graph shown?
Both Supply and Demand Curve
Demand Curve
Supply Curve
Equilibrium Curve
11
What is the Equilibrium Price on the graph shown?
4
6
8
2
12
What is the Quantity at the price of $1?
3
0
9
6
13
Which term best describes the slope of the Supply Curve shown?
Upward Sloping
Downward Sloping
14
Which of the following curves is shifting in the image shown?
None
Supply and Demand Curves
Supply Curve
Demand Curve
15
The Law of Demand says that
As Quantity decreases, Price decreases
As Price increases, Quantity decreases
As Price Increases, Quantity stays the same
As Price increases, Quantity increases
16
What kind of curve is this?
Demand Curve
Demand and Supply Curve
Supply Curve
Equilibrium Curve
17
What is the Quantity at the price of $7?
3
6
8
0
18
Which term best describes the slope of the Demand Curve shown?
Downward Sloping
Upward Sloping
19
On a Supply Curve, if the Price is increasing then
The Quantity Supply is decreasing.
The Quantity Supply is increasing.
20
What is the Quantity at a Price of $11?
11
6
5
10
