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Supply and Demand
Supply and Demand
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AP Economics- Supply and Demand Review
Flashcards
9 cards
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Practice quiz
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Questions
9
Answers
1
The price of tea, a substitute, decreases
Increase supply
Increase demand
Decrease demand
Decrease supply
2
The Surgeon General of the U.S. announces the health benefits of hot chocolate
Increase demand
Increase supply
Decrease supply
Decrease demand
3
Winter starts and the weather turns sharply colder
Decrease demand
Increase demand
Increase supply
Decrease supply
4
Wages of hot chocolate producers increase & the price of coffee (a substitute) decreases
Inc Supply & Inc Demand
Dec Supply & Dec Demand
Inc Supply & Dec Demand
Dec Supply & Inc Demand
5
Sellers expect the price to rise next month
Increase supply
Increase demand
Decrease demand
Decrease supply
6
Consumer income increases and hot chocolate is an inferior good
Increase supply
Increase demand
Decrease demand
Decrease supply
7
The price of hot chocolate decreases
Increase supply
No shift- shortage
No shift- surplus
Increase demand
8
The price of cocoa beans decreases
Decrease demand
Increase supply
Decrease supply
Increase demand
9
The price of whipped cream, a complement, increases
Dec Q. & Dec. Price
Inc Q. & Inc Price
Dec Q & Inc Price
Inc Q. & Dec Price