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Duplicate of Supply & Demand
Duplicate of Supply & Demand
24 terms
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StudBud Administration
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120 plays
Introductory review of supply and demand changes
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
A change in Price causes a change in :
Substitutes
Quantity Demanded
# of Consumers
Demand
2
For many people, Spam is a
an inferior good
a substitute
normal good
a complement
3
If the price of sleds increases,
The demand for snow suits decreases
The snow sharks eat more kids
The demand for snow suits increases
Price does not change demand, so no change
4
Demand is downward sloping due to :
The number of consumers
the income and substitute effect
Inferior and normal goods
The substitute and complement effect
5
How many of Jersey Mike's Subs a person demands depends on:
How good the french fries are
How long the line is.
The price of cokes
The price of the Subs
6
A decrease in the price of butter would most likely decrease the demand for:
bagels
jelly
margarine
syrup
7
The Law of Supply is
A direct relationship
says that when price goes up, demand goes down
An inverse relationship
based on consumers behavior
8
One of the following is not a determinant of Supply:
technology
# of sellers
Price of other goods
# of consumers
9
If the price of hot chocolate increases,
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for ice cream increases
The demand for marshmallows increases
10
Marshmallows and hot chocolate are:
Inferior Goods
Substitutes
Complements
No relationship
11
The following is not a determinant of Demand
Taste
Price of Substitutes
Technology
# of Consumers
12
A decrease in the price of peanut butter would most likely increase the demand for
Ham
Jelly
Coffee
Electricity
13
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
increases to consumer preferences
increases due to income, normal goods
decreases due to consumer preferences
14
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
15
After a heavy snowfall, the demand for snow shovels
The quantity supplied increased
decrease
increase
The quantity demanded increased
16
Which of the following would increase demand for a normal good? A decrease in:
Price of a Substitute
Price of a Complement
Price
Income
17
During a recent snow/ ice storm, the demand for netflix
decreased due to a lack of preference
increase due to an increase in consumer taste
increased to an increase in supply of netflex
decreased
18
An increase of wages will lead to a:
decrease in Supply
increase in Supply
Increase quantity demanded
decrease in demand
19
The demand and supply schedule shows:
The same information as a supply and demand graph
Price that everyone would pay
Profit of loss of a business
Demand prices and quantities, but not supply
20
The following is a determinant of Demand
Subsidies
Income
# of Suppliers
Taxes
21
An increase in the price of pizza will lead to an increase in which of the following?
the demand for flour
the supply of pizza
the supply of calizones (substitute)
the supply of coca cola
22
The magic point where supply and demand connects is
a price floor
equilibrium
a price ceiling
Adam Smith land
23
One of these things is not like the others
Technology
Price of Complements
# of Consumers
Preferences
24
A change in Price causes a change in
quantity supplied
Demand
Supply
Technology
