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Duplicate of Supply & Demand
Duplicate of Supply & Demand
30 terms
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Flashcards
30 cards
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Questions
30
Answers
1
when drawing a decrease in either demand or supply on a graph, we have to move the line to the
left
right
down
up
2
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for ice cream increases
The demand for hot tea increases
The demand for marshmallows is unchanged
3
After a heavy snowfall, the demand for snow shovels
increase
The quantity supplied increased
decrease
The quantity demanded increased
4
which of the following is an event that INCREASES demand?
consumers leave the market
consumers have less money
product is popular or a fad
price of a complementary good increases
5
every market graph needs a
title
a price ceiling
supply and demand curve labels
x(quantity) and y(price) axis
6
A decrease in the price of peanut butter would most likely increase the demand for
Electricity
Ham
Jelly
Coffee
7
good weather and new machinery would cause an increase in the supply for corn
True
False
8
The following is not a determinant of Demand
Technology
project is a popular
Price of Substitutes
# of Consumers
9
can purchase be delayed is a question we must ask when looking at elasticity of a certain good
True
False
10
when the price of good x decreases, the demand for good y increases. these are examples of
complementary goods
substitute goods
11
consumers (are supposed to) benefit from a price ceiling
True
False
12
The magic point where supply and demand connects is
equilibrium
a price floor
Adam Smith land
a price ceiling
13
what does price elasticity of demand measure
less demand equals more quantity
energy drinks are expensive
how sensitive demand of a product is to a change in price
changes in prices cause more demand
14
How many of Jersey Mike's Subs a person demands depends on:
How long the line is.
The price of cokes
How good the french fries are
The price of the Subs
15
The Law of Supply is
An inverse relationship
higher prices mean more supply lower prices mean less supply
says that when price goes up, demand goes down
based on consumers behavior
16
If the price of sleds increases,
The demand for snow suits decreases
Price does not change demand, so no change
The snow sharks eat more kids
The demand for snow suits increases
17
if the price of cocoa beans used to make chocolate falls, what will happen to the supply of chocolate?
increase
decrease
18
price floors create
a shortage
surplus
death
19
Marshmallows and hot chocolate are:
Inferior Goods
Complements
No relationship
Substitutes
20
two goods that are substitutes for apple juice
orange and sparkling water
bubblers and sprite
cranberry juice and orange juice
pineapple and milk
21
what is one thing that would INCREASE supply?
unfavorable natural events
new technology
sellers leave the market
sellers enter the market
22
A decrease in the price of butter would most likely decrease the demand for:
bagels
syrup
jelly
margarine
23
consumers benefit from a price floor
False
True
24
The following is a determinant of Demand
Taxes
# of Suppliers
Subsidies
Income
25
what happens when a government imposes a quota?
shoot guns get deer
causes prices to rise because there is a limit to how much you can have
you cant catch fish
only those with licenses can supply the market
26
2 complementary goods for a car
chicken and ice cream
subway and bicycle
tires and shocks
steering wheel and driver
27
The Law of Demand says that :
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes up
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes down, and vice versa
28
which of the following is an event that DECREASES demand?
consumers enter the market
consumers expect bad things to happen in the future
product is popular
product goes out of style
29
price ceilings create
poop
a surplus
shortages
nothing
30
why are price ceilings and floors hated by economists?
wasted resources
too high or low quality products
improper allocation of resources
rise of black market activity
