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Supply and Demand Review
Supply and Demand Review
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Questions
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Answers
1
Which of following could cause what is shown on the graph?
A decrease in the price of an input
An increase in the price of an input
A increase in the price of a substitute
An increase in the price of a complement
2
A price floor is...
placed above the eq. price and results in a shortage.
placed below the eq. price and results in a shortage.
placed above the eq. price and results in a surplus.
placed below the eq. price and results in a surplus.
3
The amount of a good or service producers are willing to offer for sale at a specific price is
quantity demanded
demand
supply
quantity supplied
4
Movement from B to C could be a result of...
An increase in price
An increase in input costs
A decrease in input costs
A decrease in price
5
The amount of a good or service that consumers are willing to buy at a specific price is...
demand
quantity demanded
supply
quantity supplied
6
The law of supply states that as price increases
supply decreases
quantity supplied increases
quantity supplied decrease
supply increases
7
The law of demand states that as price increases...
demand decreases
quantity demanded increases
quantity demanded decreases
demand increases
8
If a good or service is a normal good, then as incomes rise...
quantity demanded will rise.
demand will rise.
demand will fall.
quantity demanded will fall.
9
Which of the following could have caused what is shown in the graph?
A decrease in the price of a substitute
An increase in the price of a complement
An improvement in technology
An increase in input prices
10
Based on the graph, what will happen to equilibrium price and quantity?
both will rise
equilibrium price will decrease, quantity will increase
equilibrium price will increase, quantity will decrease
both will fall
11
If a seller slightly raises the price of a good and the quantity demanded falls dramatically...
that product has inferior demand.
that product has elastic demand.
that product has normal demand.
that product has inelastic demand.
12
Based on the graph, what will happen to equilibrium price and quantity?
both will fall
both will rise
equilibrium price will increase, quantity decrease
equilibrium price will decrease, quantity increase
13
Which of the following could have caused what is shown on the graph...
A change in technology
A change in expectations
An increase in price
An increase in input prices
14
A price floor is (example minimum wage)...
is placed above the eq price and results in surplus
is placed below the eq price and results in a shortage
is placed above the eq price and results in a shortage
is placed below the eq price and results in a surplus
15
Based on the graph, what will happen to equilibrium price and quantity?
both will rise
equilibrium price will decrease, quantity will increase
both will fall
equilibrium price will increase quantity will decrease
16
If the demand for greebes decreases and the supply of greebes increases...
the equilibrium price will be indeterminate and the quantity will decrease
the equilibrium price will be indeterminate and the quantity will increase
the equilibrium price will decrease and the quantity will be indeterminate
the equilibrium price will increase and quantity will be indeterminate
17
The amount of a good or service producers are willing to offer for sale at various prices is...
demand
quantity supplied
supply
quantity demanded
18
The amount of a good or service that consumers are willing to buy at various prices is...
supply
quantity demanded
demand
quantity supplied
19
If the demand for greebes increases and the supply of greebes also increases...
The equilibrium price increases and the quantity is indeterminate
The equilibrium price is indeterminate and the quantity decreases
The equilibrium price decreases and the quantity is indeterminate
The equilibrium price is indeterminate and quantity increases
20
A price ceiling is (example rent controls)...
placed below the eq price and results in a surplus
placed above the eq price and results in a shortage
placed below the eq price and results in a shortage
placed above the eq price and results in a surplus
21
If the price of a good or service rises, but people still buy about the same amount of it...
that product has inelastic demand.
that product has elastic demand.
that product is a normal good or service.
that product is an inferior good or service.
22
Movement from B to A on the graph could be caused by...
An increase in the cost of inputs
A decrease in the price
An increase in the price
An increase in the price of a complement
23
A price ceiling is...
placed above the eq. price and results in a surplus.
placed below eq. price and results in a shortage.
placed below eq. price and results in a surplus.
placed above the eq. price and results in a shortage
24
Which of the following could have caused what is shown on the graph...
A change in price
A change in input prices
A change in the cost of substitutes
A change in the cost of complements
25
If a good or service is an inferior good or service, then as income rises...
demand falls.
demand rises.
quantity demanded rises.
quantity demanded falls.
26
If the demand for greebes decreases and the supply decreases...
the equilibrium price will decrease and the quantity will be indeterminate
The equilibrium price is indeterminate and the quantity decreases
The equilibrium price is indeterminate and quantity increases
the equilibrium price will increase and quantity will be indeterminate
27
If the demand for greebes increases and the supply of greebes decreases...
the equilibrium price will be indeterminate and the quantity will increase
the equilibrium price will decrease and the quantity will be indeterminate
the equilibrium price will increase and quantity will be indeterminate
the equilibrium price will be indeterminate and the quantity will decrease
