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Supply & Demand Part 2 Flashcards | StudBud
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Supply & Demand Part 2
Supply & Demand Part 2
12 terms
·
StudBud Administration
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78 plays
Test of knowledge re determinants of demand & supply
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
As a product becomes
more fashionable
the following should happen
An inward shift in the demand curve
A movement down the demand curve
A movement up the demand curve
An outward shift in the demand curve
2
The price of
COTTON
rises – what should happen with the
SUPPLY
curve for COTTON
CLOTHING
?
A movement up the SUPPLY curve
A movement down the SUPPLY curve
An inward shift in the SUPPLY curve
An outward shift in the SUPPLY curve
3
Which of these products
SUPPLY
would be
directly affected
by the weather?
Bananas
Potatoes
Ice cream
Umbrellas
4
The price of
FISH
rises – what should happen with the
demand curve
for
CHIPS
?
A movement down the demand curve
An outward shift in the demand curve
An inward shift in the demand curve
A movement up the demand curve
5
A business puts its
prices up
– what should happen?
A movement down the demand curve
A movement up the demand curve
An inward shift in the demand curve
An outward shift in the demand curve
6
Which of these factors cause the
SUPPLY
curve to
shift inward
?
Fall in PRICE
Reduction in population
Increase in production costs
Falling income levels
7
Suppliers
look to offer goods and services for sale at the …………… possible price
Lowest
Highest
8
The price of COPPER rises – what should happen with the
SUPPLY
curve for COPPER?
An outward shift in the SUPPLY curve
A movement up the SUPPLY curve
An inward shift in the SUPPLY curve
A movement down the SUPPLY curve
9
The
weather
can cause a shift in both the demand curve and the supply curve
True
False
10
An increase in taxation should lead to an
increase
in market demand
True
False
11
One of the following is
NOT
a determinant of
Supply
No. of consumers
The weather
No. of sellers
technology
12
Law of supply states that MORE IS SUPPLIED AT HIGHER PRICES THAN LOWER PRICES
True
False
