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Supply and Demand Flashcards | StudBud

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Supply and Demand

13 terms·StudBud Administration·325 plays

Review #supplyanddemand for Principles of #Business Course

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Questions 13

Answers

1
___________________ influences supply.
Both 1 & 2
Weather
Competition
Neither
2
As competition increases, prices
usually increase as well
usually will decrease
are not affected, so will not change
there is no way to predict what will happen
3
The market price for a product is determined by
Competition
Demand
Supply
All of the above
4
A person who buys and uses goods and services is called what?
Business Owner
Capitalist
Producer
Consumer
5
When people really want something (increased demand) the price will typically
Decrease
Stay the same
Increase
6
The price of a product affects demand by
As prices decrease product (demand) will increase.
None of the above.
As prices increase product (demand) will increase.
As prices decrease product (demand) will decrease.
7
How does the price of a product affect supply?
None of the above.
As prices increase, supply decreases.
As prices increase, supply increases.
As prices decrease, supply increases.
8
What is the name of the point where the supply curve and demand curve intersect?
Retail price
Market value
Market price
Competition point
9
Who sets supply?
Producers
Consumers
10
If competition is limited, prices
are usually lower
are usually higher
are not affected so will not change
there is no way to predict what will happen
11
Who sets demand?
Consumers
Producers
12
Individuals AND organizations can be considered producers.
True
False
13
Which of the following is considered a monopoly?
Fitbit
American Eagle
Nike
Sirius XM