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Norwood Supply And Demand Flashcards | StudBud
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Norwood Supply And Demand
Norwood Supply And Demand
27 terms
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StudBud Administration
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Test review over supply and demand.
Flashcards
27 cards
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Questions
27
Answers
1
How does the quantity demanded of cookies change when the price drops from $1.25 to $0.75?
Increase by 10
Decrease by 10
Decrease by 5
Increase by 5
2
Costs that depend on how much product is made?
Marginal
Variable
Total
Fixed
3
Goods and services that can be used in place of each other.
Complements
Inferior
Expectations
Substitutes
4
The desire and ability to produce and sell a product.
Supply
Production
Demand
Price
5
Which of the following does not determine elasticity of demand?
Necessities/ Luxuries
Substitutes
Income
Compliments
6
When a change in Supply increases the supply curve shifts ____________.
Up
Down
Left
Right
7
When a change in Demand increases the supply curve shifts ____________.
Up
Right
Left
Down
8
What type of curve is shown in the picture?
Demand
Supply
Selling
Production
9
This entails applying scientific methods and innovations to production.
Government Action
Productivity
Labor
Technology
10
Which of the following is a factor that causes a change in the supply.
Input Cost
Labor Productivity
Technology
Government Action
11
What do the points on a market supply curve represent?
Quantity Supplied at a given price
Elastic Supply at a given price
Inelastic Demand at a given price
Quantity Demanded at a given price
12
Level of production at which a business realizes the greatest amount of profit.
Profit-Maximizing Output
Marginal Output
Total Revenue Output
Sectional Output
13
The sum of fixed and variable costs.
Production Cost
Factory Cost
Total Cost
Marginal Cost
14
The willingness to buy a good and the ability to pay for it.
Demand
Supply
Elasticity
Economics
15
What type of curve is shown in the picture?
Law
Demand
Market
Supply
16
The change in total output brought about by adding one more worker?
Supply Schedule
Marginal Cost
Marginal Production
Specialization
17
Which of the following shows the formula for the total revenue test?
Product x Quantity
Price x Quality
Product x Quality
Price x Quantity
18
The law of demand states when prices go ______ then the quantity demand ________.
Down, Decreases
Down, Increases
Up, Decreases
Up, Increases
19
You have $50 to buy CDs. If CDs rise from $5 to $10, how would your quantity demand change.
Decrease to 10
Decrease by 5
Increase by 10
Increase by 5
20
Which of the following is not a cause of change in demand?
Technology
Complements
Market Size
Substitutes
21
Costs that business owners incur no matter how much they produce.
Marginal
Variable
Total
Fixed
22
If prices were set too low, what would result?
shortage
rationing
equilibrium
surplus
23
Demand is ___________ if quantity demanded changes significantly as price changes.
Ineslastic
Inequality
Elastic
Quality
24
What is market equilibrium?
when consumers get what they want
when producers get what they want
when everyone is happy with the price and quantity
when quantity supplied and demanded meet
25
Goods that are used together, so a rise in demand for one increases the demand for the other?
Expectations
Complements
Inferior
Substitutes
26
The law of supply states when prices go ______ the the quantity supplied ____________.
Up, Increases
Down, Decreases
Up, Decreases
Down, Increases
27
A sharp drop in the price of burgers may lead to an increase in demand for
Buns
Relish
Chicken
Coleslaw
