Which of the following would cause the demand curve for coffee to shift to the right?

An increase in consumers incomes.

Which of the following would cause the Supply of oranges to shift to the right?

Development of a new drought resistant orange tree.

The Supply curve for a good or service slopes upward because:

As the market price increase, Q Supplied increases.

XYZ Co. produces 120 pints of guacamole, or 60 pints of green gazpacho from one ton of avocados

The opportunity cost of 1 guacamole is 1/2 gazpacho.

Why does a demand curve slope downward?

Because at lower prices, quantity demanded increases.

The NFL is facing criticism for not addressing domestic violence by players. As a result:

Demand for NFL merchandise has fallen, along with price.

A particularly harsh winter killed off many head of cattle. As a result, ground beef:

price increased, and quantity sold decreased.

Both the market Price and Quantity of exercise desks are rising. It must be true that

Demand for exer-desks is increasing, and Qs is increasing.

studbud

Econ U1 AoS1 - Law of Supply and Demand

10 termsStudBud Administration19 plays

Quick quiz to determine student understanding of the law of supply and demand.

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Which of the following would cause the demand curve for coffee to shift to the right?
A decrease in the price of coffee.
An increase in consumers incomes.
An unexpectedly large coffee bean harvest.
An breakthrough in coffee roasting technology.
2
A price that is HIGHER than equilibrium will cause a __________ in the market:
Shortage
Surplus
Freak-Out
Equilibrium
3
Which of the following would cause the Supply of oranges to shift to the right?
An increase in consumer tastes for orange juice.
A freeze that destroyed much of the Florida orange crop.
Development of a new drought resistant orange tree.
A tariff on oranges imported from South America.
4
The Supply curve for a good or service slopes upward because:
as price increases, Supply increases.
As the market price increase, Q Supplied increases.
as the quantity supplied increases, market price decreases.
As arket price decreases, Q supplied increases.
5
XYZ Co. produces 120 pints of guacamole, or 60 pints of green gazpacho from one ton of avocados
The opportunity cost of one guacamole is 2 gazpacho
The opportunity cost of 1 gazpacho is 12 guacamole
The opportunity cost of 1 gazpacho is 1/2 guacamole
The opportunity cost of 1 guacamole is 1/2 gazpacho.
6
Why does a demand curve slope downward?
Because as the supply increases, price increases.
Because at lower prices, quantity demanded increases.
Because as price rises, quantity demanded rises.
As quantity demanded falls, price increases.
7
The NFL is facing criticism for not addressing domestic violence by players. As a result:
Q demanded of nfl merchandise has fallen, along with price.
Demand for NFL merchandise has fallen, along with price.
Both Supply and Demand have fallen, along with the price.
Supply of NFL merchandise has fallen, along with price.
8
A particularly harsh winter killed off many head of cattle. As a result, ground beef:
price increased, and quantity sold increased.
price decreased, and quantity sold decreased.
price decreased, and quantity sold decreased.
price increased, and quantity sold decreased.
9
The price of corn syrup increases, and demand for sugar increases. Corn syrup and sugar are:
Complementary goods
Substitute goods
Normal goods
Inferior goods
10
Both the market Price and Quantity of exercise desks are rising. It must be true that
Demand for exer-desks is decreasing, and Qs is decreasing.
Supply of exer-desks is increasing, and Qd is increasing.
Supply of exer-desks is increasing, and Qd is increasing.
Demand for exer-desks is increasing, and Qs is increasing.

Econ U1 AoS1 - Law of Supply and Demand Flashcards | StudBud