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Demand and Supply Flashcards | StudBud
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Demand and Supply
Demand and Supply
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Answers
1
If wages increase in the textile industry, what impact will this have on supply?
Expansion in supply
Shift to the right
Contraction in supply
Shift the left
2
Which of the following will cause an expansion in demand for iPhones?
New technology
They become cheaper
iPhones being super cool and everyone wants one
Samsung prices increase
3
What is the income effect?
When everyone in an economy receives a pay rise
The effect of income
When qty demanded changes due to decreased incomes
The price falls, people will have an increase in real income
4
Which of the following two goods are complements?
pen and pencil
beef and tofu
stapler and staples
book and matchsticks
5
What has caused the following change in this diagram?
Roller skates become cheaper to produce
Roller skating is so hot right now
The govt provides free roller skates to everyone
Roller blades were invented
6
What would happen to the supply of cars, if there were a large tax placed on cars?
Stay the same
Shift to the right
Expansion in supply
shift to the left
7
What may have caused the following change in this diagram?
It is school holidays
Increased levels of terrorism
Cars can now drive on water
The price has fallen
8
What does ceteris paribus mean?
all other things being equal
equal economic theory
equilibrium of demand and supply
All other things will be impacted
9
Which of the following will shift supply to the left for bananas?
Amazing banana growing conditions
Increase in production costs
The price of apples decrease
Technology improves
10
What happens at equilibrium?
Demand is equal to the price mechanism
Things are equal, so that is good for everyone
Supply is equal to the law of supply
Supply and demand intersect showing that all are satsified
