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Supply & Demand Basics Flashcards | StudBud
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Supply & Demand Basics
Supply & Demand Basics
13 terms
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StudBud Administration
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293 plays
Marketing Principles basic economics
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
What kinds of goods do government generally place price ceilings on?
Not necessary but have become customary
Essential, but too expensive for some consumers
Are essential and cheap
2
Is this a supply or demand curve?
Demand
Supply
3
The equilibrium point is the point where .....
There is a surplus, top of supply curve
supply is a shortage
supply and demand curves cross
everyone is happy
4
Generally, when the price of an item falls, what happens to the demand for that product?
An increase in demand
demand falls as well
People substitute other goods
demand falls
5
What is an example of government influence on supply?
Taxes
Grants
Subsidies
6
The supply curve starts where and ends where and slopes which way?
starts in upper right & ends in lower left slopes down
Starts in the lower left & ends upper right - slopes upward
supply what?
it is a straight vertical line
7
The demand curve starts where, ends where, and slopes which way?
Starts upper left ends lower right slopes downward
starts and stays vertical - straight up and down
starts lower left ends upper right slopes upward
demand what
8
How might advertising lead to a shift in demand?
Increasing the popularity of an inferrer good
Creating a fad
Allowing the law of demand to operate freely
9
What factor has the greatest influence on elasticity and inelasticity of SUPPLY?
Profit
Time
Financing
10
Fixed cost would include
Raw Materials
Rent
Labor
11
Which of the following is an example of a good with an inelastic supply
gasoline
hats
beanbags
12
Ceteris Paribus means
Go bearcats
Seize the day
All things held constant
13
What happens to the supply of goods that producers are willing to produce when prices fall?
Firms supply more
Supply is constant
Firms supply less
Diminishing marginal utility
