Which would describe the results of a minimum wage increase?

Input costs increase. Increase in supply of workers.

Which is the definition of quantity demanded?

Amount of a product consumers are willing and able to buy.

Which describes the Law of Demand?

Price goes up. Quantity demanded goes down.

What will happen to the supply of gas if a hurricane destroys 20% of oil refineries in the US?

decrease due to natural disaster/expectations

Producers assume the price of flowers will increase, what will happen to the supply of flowers?

decrease due to seller expectations

Where is equilibrium on the graph?

Where Supply and Demand curves meet

What will happen to the demand for Star Wars toys and what shifter?

increase demand; tastes/preferences

studbud

Demand Curve/Supply Curves Review

15 termsStudBud Administration283 plays

Supply and Demand

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
If the price elasticity is equal to 1, the PED is.....
inelastic
only elasticity of supply can be measured
unit elastic
elastic
2
What happens to prices when a new technology is introduced?
Technology only changes demand.
Prices increase.
Prices decrease.
Prices do not change.
3
Which would describe the results of a minimum wage increase?
Input costs increase. Increase in supply of workers.
Input costs increase. Decrease in supply of workers.
Input costs decrease. Increase in supply of workers.
Input costs decrease. Decrease in supply of workers.
4
Name this golfer!
Sam Snead
Tiger Woods
Jack Nicklaus
Arnold Palmer
5
Which is the definition of quantity demanded?
It is the amount of goods demanded at every price.
It is the amount of goods supplied at every price.
It is the amount of goods supplied at a specific price.
Amount of a product consumers are willing and able to buy.
6
Why do entrepreneurs supply goods and services?
They see it as a service to humanity.
They want to make a profit.
They want to be good people.
They do not supply goods and services.
7
Which describes the Law of Demand?
Price goes down. Quantity demanded goes down.
Price goes up. Demand goes down..
Price goes up. Quantity demanded goes down.
Price goes up. Quantity demanded goes up.
8
What will happen to the supply of gas if a hurricane destroys 20% of oil refineries in the US?
decrease due to population change
decrease due to natural disaster/expectations
increase due to producer illness
increase due to price of inputs
9
What happens to the price of a good when there is a shortage?
It decreases.
There is no change in price.
It increases.
Shortages never cause a change in price.
10
If there is an early frost in Florida, what will happen to citrus fruits?
supply will increase
supply will decrease
supply will stay the same
Embrock loves lemons!!!
11
Producers assume the price of flowers will increase, what will happen to the supply of flowers?
it will stay the same
increase due to seller expectations
decrease due to seller expectations
decrease due to consumer expectations
12
Where is equilibrium on the graph?
Bottom of Demand curve
Not on this graph
Where Supply and Demand curves meet
Top of Supply curve
13
Which is a good with an inelastic demand?
Beef
Medicine
Oranges
Diapers
14
What will happen to the demand for Star Wars toys and what shifter?
decrease; income
increase; population increase
increase demand; tastes/preferences
decrease; tastes and preferences
15
Which factor? Farmers decrease production of corn and wheat because of government aid.
change in income
consumer expectations
price of inputs
government taxes/subsidies

Demand Curve/Supply Curves Review Flashcards | StudBud