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Poetsch: Supply and Demand Flashcards | StudBud
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Poetsch: Supply and Demand
Poetsch: Supply and Demand
20 terms
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StudBud Administration
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A 20 question formative assessment on supply and demand.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What could have caused the shift in the demand curve?
an increase in consumer income
a decrease in consumer income
the price of a substitute good goes up
a decrease in population
2
The amount of something that consumers will buy at a particular price is called ______.
supply
quantity demanded
demand
quantity supplied
3
What could have caused this supply curve to shift to the right?
cost of resources increased
more competitors in the market
cost of resources decreased
less competitors in the market
4
The relationship between price and quantity supplied is ____.
positive
negative
inverse
direct
5
The quantity demanded for Nike shoes has increased. The best explanation is that:
price has increased
supply has decreased
price has decreased
supply has increased
6
As the price for apples goes from .40 to .60 per pound, the quantity supplied goes from:
3,000 lbs to 4,000 lbs
2,000 to 3,000 lbs
1,000 lbs to 3,000 lbs
1,000 to 2,000 lbs
7
What happens at the point where the two curves meet?
quantity demanded = quantity supplied
equilibrium
increase in supply
increase in demand
8
In the diagram, the equilibrium price and quantity is ____.
$4 and 40
$3 and 100
$2 and 90
$3 and 70
9
What would cause a movement along the supply curve?
a change in the number of sellers
a change in price
change in price expectations
a change in technology
10
_____ exists when the quantity demanded = the quantity supplied.
supply
marginal analysis
equilibrium
demand
11
What is
not
a determinant of demand?
change in population
change in taste/preference
change in income
change in weather
12
Peanut butter and jelly, mustard and ketchup, and shoes and socks are considered:
natural resources
substitute goods
complementary goods
supplies
13
What is the only thing that can change quantity demanded?
change in consumers' income
change in price of substitute good
change in price of complementary good
change in price
14
If a new technology allowed us to produce computers cheaper, what would happen to supply?
we don't know
It would stay the same
It would decrease
It would increase
15
The branch of economics that deals with individual actors is ____.
macroeconomics
microeconomics
scarcity
marginal analysis
16
According to the law of demand: as price goes down, ______ goes up.
quantity supplied
demand
supply
quantity demanded
17
When the price for bubble soda drops from $80 to $60, the quantity demanded goes from ____.
60 to 80
40 to 80
20 to 40
40 to 60
18
Demand is the ____ and ____ of consumers to purchase a good or service.
intelligence, ability
time, effort
willingness, ability
willingness, intelligence
19
If the price of tacos (substitute good) increases, the demand for pizza will ______.
supply will increase
stay the same
increase
decrease
20
At the price of $1, what is the quantity demanded?
110
100
90
80
