***During the Christmas season, the demand for the latest toy increases. What should happen?

The toy producer should increase their price, The toy producer should make more of that toy

What should happen to the demand of hot chocolate during the summer?

The demand should decrease, so the supply should decrease

Which outcome is most likely true if M&M's decided to double their price

Demand will decrease, Supply will increase

At what price should a grocery store decide to sell apples?

At the price where supply equals demand

Two new donut shops open up in Middlefield. Demand for donuts remains the same. Which is true?

Competition will make prices go down

A shortage of potatoes is making restaurant owners think about prices for french fries

Prices of french fries should increase

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Supply and Demand

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Questions 10

Answers

1
***During the Christmas season, the demand for the latest toy increases. What should happen?
The toy producer should increase their price
The toy producer should make more of that toy
The toy producer should make less of that toy
The toy producer should decrease their price
2
What should happen to the demand of hot chocolate during the summer?
The demand will stay the same regardless of weather
The demand will decrease, prices should increase
The demand should decrease, so the supply should decrease
The demand should increase and supply should increase
3
Which outcome is most likely true if M&M's decided to double their price
Demand and Supply will both increase
Demand will decrease, Supply will increase
Demand and Supply will both decrease
4
"New Middlefield" had one coffee shop. What happens to prices when a second shop opens?
Prices will go up
Supply of coffee goes down
Prices will go down
Prices will remain the same
5
At what price should a grocery store decide to sell apples?
At the price where supply is less than demand
At the price where supply is greater than demand
At the price where supply equals demand
At whatever price the poorest person can afford
6
Two new donut shops open up in Middlefield. Demand for donuts remains the same. Which is true?
Supply of donuts will decrease
Supply of donuts will make prices go up
Competition will make prices go up
Competition will make prices go down
7
A shortage of potatoes is making restaurant owners think about prices for french fries
Prices of french fries should stay the same
Supply of french fries will increase
Prices of french fries should increase
Prices of french fries should decrease
8
There is a shortage of gasoline in Ohio. What will happen as a result?
Demand will increase
Demand will stay the same
Demand will decrease
Supply will increase
9
The supply of the newest video game system has doubled. Price has doubled. What happens next?
The demand will increase
The demand will decrease
The supply will drop
The demand will stay the same
10
What is the price point called where supply equals demand?
Perfect Price
Shortage
Equilibrium
50/50

Supply and Demand Flashcards | StudBud