Supply and Demand, Price Floors and Ceilings, Disequalibrium

Question 1

What determinant shifted the demand curve?

Accepted Answer

Complimentary Good

Question 2

Which determinant of supply was applied in this situation?

Accepted Answer

Taxes or Subsidy

Question 3

Which determinate caused the supply curve to shift?

Accepted Answer

Taxes or Subsidies

Question 4

Demand has decreased. Supply has increased. What will happen to the equilibrium price and quantity.

Accepted Answer

$ - Decreases Q - Indeterminate

Question 5

The price of music downloads will be decreasing next year. What will happen to the current market for music downloads?

Accepted Answer

Demand shifts to the left and the price decreases

Question 6

What determinant shifted the supply curve?

Accepted Answer

Cost of inputs

Question 7

If my income increases, what happens to my demand for an inferior good?

Accepted Answer

Decreases

Question 8

Medical masks EQ is $7 for 30 boxes. The coronavirus is spreading. The gov't pays producers $3 per box of masks made.

Accepted Answer

D - I, S - I, $ - Ind, Q - I

Question 9

The price of bathing suits has gone up, and the fabric used to make beach towels has become cheaper.

Accepted Answer

D - D, S - I, $ - D, Q - Ind

Question 10

This shift in demand for apple juice was caused by which determinant?

Accepted Answer

Substitute Goods

Question 11

What determinant caused the demand curve to shift?

Accepted Answer

Population or Preference

Question 12

The price of orange juice has increased, what does this do to the demand of apple juice?

Accepted Answer

Increases

Question 13

Nike is charged $8 for every shoe they import, but people love Nike shoes.

Accepted Answer

D - I, S - D, $ - I, Q - Ind

Question 14

Which is the determinant for demand?

Accepted Answer

Substitute goods

Question 15

The EQ of Sharpie markers is $10 for 50 sets. If Sharpie drops their price to $7 what is the most likely result?

Accepted Answer

Shortage

Question 16

Which determinant caused the demand curve to shift?

Accepted Answer

Expectations

Question 17

Which of the following is true with the price set at $8?

Accepted Answer

There is a surplus of 30 units.

Question 18

Which is a determinant of supply?

Accepted Answer

Technology

Question 19

Minimum wage has increased, what would happen to supply and demand from this?

Accepted Answer

Demand to the right, Supply to the left

Question 20

If my income decreases, what happens to my demand for normal goods?

Accepted Answer

Decreases

Question 21

What would happen if the government set a price ceiling at $8?

Accepted Answer

The market would remain in equilibrium

Question 22

BK makes more selling milk shakes than pie. What will happen to the pie market; which curve moves in what direction?

Accepted Answer

Supply to the left

Question 23

Which determinant of demand was applied in this situation?

Accepted Answer

Population or Preference

Question 24

The government has decreased income taxes by %20. Which curve moves in which direction?

Accepted Answer

Demand to the right

Question 25

The price ceiling in this scenario is set at what price?

Accepted Answer

$2

Question 26

Which determinant of supply moved the pie market?

Accepted Answer

Other good's prices

Question 27

Coaches don't have the budget for Hudl; as a computer program there is no real supply. What happens to the Hudl market?

Accepted Answer

Price goes down, demand goes down.

Supply and Demand, Price Floors and Ceilings, Disequalibrium

Questions 27

Supply and Demand, Price Floors and Ceilings, Disequalibrium

Questions 27