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Supply and Demand Unit Test
Supply and Demand Unit Test
12 terms
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StudBud Administration
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46 plays
Economics
Flashcards
12 cards
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Questions
12
Answers
1
Which is an example of price discrimination?
Young children buying movie tickets.
Your grandparents asking for the senior discount at Dennys.
Early buyers getting a discount on a flight.
Students paying the same price for a book as their parents.
2
What would happen if the price of your favorite pencil went up 5 cents?
You will stop buying pencils.
You will immediately seek a substitute.
You will most likely pay the extra five cents.
3
As prices rise, demand goes
Up
Down
4
You got a rise! You will most likely buy more...
Tasteos!
Ramen Noodles!
Jewelry!
Clothes!
5
Rent control is an example of...
Price wall
Price elevator
Price ceiling
Price floor
6
The price of the EpiPen goes up. What is most likely to happen to EpiPen's total revenue.
It will go up.
It will stay the same.
It will go down.
Depends on the income effect.
7
How do monopolies determine how much to supply and produce?
People think @the margin. They produce only if benefits them
They produce &supply as much as they want! They will make $!
They make less than demanded
8
How does deregulation help consumers in some industries?
By raising prices
By raising costs
By lowering barriers to enter
By lowering prices
9
What % of a market do oligopolies control?
100%
80%
50%
20%
10
As prices lower, supply goes
Down
Up
11
You lost your job. You are most likely to buy more...
Normal goods
Inferior goods
12
The government deregulates your business. Your supply will most likely...
Have a movement along the cuve
Shift right
Shift left
