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Unit 3 Supply & Demand Flashcards | StudBud
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Unit 3 Supply & Demand
Unit 3 Supply & Demand
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Supply & Demand
Flashcards
39 cards
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Practice quiz
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Questions
39
Answers
1
Which of the following is the Most Inelastic in Supply?
Apples to give to your favorite teacher
Posters of your favorite singer
T-shirts designed with funny sayings
Foam #1 hands to pass out at a game
2
What is happening at the $2 price level?
Surplus
Equilibrium
Shortage
3
A subsidy on the production and sale of the item is implemented.
Demand Increase
Demand Decrease
Supply Decrease
Supply Increase
4
What is this an example of?
Elastic Demand
Elastic Supply
Inelastic Supply
Inelastic Demand
5
Producers are not expecting their product to sell very well.
Demand Increase
Supply Decrease
Supply Increase
Demand Decrease
6
Which scenario is being depicted when moving from D1 to D2?
Quantity Demanded Increases
Quantity Demanded Decreases
Demand Increase
Demand Decrease
7
High Prices tell the average teenager to
Demand More
Supply More
Supply Less
Demand Less
8
Consumers anticipate that the market price of the good will be lower in the future.
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
9
When the government sets a Price Floor, this results in a
Equilibrium
Shortage
Surplus
10
High prices tell the average entrepreneur to
Demand More
Supply Less
Demand Less
Supply More
11
Which scenario is being depicted when moving from S1 to S2?
Supply Increase
Supply Decrease
Quantity Supplied Decrease
Quantity Supplied Increase
12
What is happening at the $1 price level?
Equilibrium
Surplus
Shortage
13
Which scenario is being depicted, when moving from S1 to S2?
Supply Increase
Quantity Supplied Increase
Supply Decrease
Quantity Supplied Decrease
14
What is this an example of?
Inelastic Supply
Elastic Supply
Elastic Demand
Inelastic Demand
15
Taxes on all small businesses are increased by 10%
Demand Decrease
Supply Increase
Demand Increase
Supply Decrease
16
What is the effect on equilibrium price and quantity?
Price Decrease, Quantity Decrease
Price Increase; Quantity Increase
Price Increase; Quantity Decrease
Price Decrease; Quantity Increase
17
If a product takes a long time, expensive to produce or resources not available it has
ELASTIC Supply
INELASTIC Demand
ELASTIC Demand
INELASTIC Supply
18
Consumers pay 15% less in taxes, what happens
Demand Decrease
Demand Increase
Supply Increase
Supply Decrease
19
Low prices tell the entrepreneur to
Demand More
Supply Less
Supply More
Demand Less
20
What is this an example of?
Inelastic Demand
Elastic Demand
Elastic Supply
Inelastic Supply
21
Which of the following is the MOST INELASTIC in demand?
Coffee
Toothpicks
Tires
Matches
22
Consumers anticipate that the product will be unavailable in the future.
Supply Increase
Demand Decrease
Supply Decrease
Demand Increase
23
There is a decline in the price of a product that is needed in the production of the product
Supply Increase
Demand Increase
Supply Decrease
Demand Decrease
24
When the government sets a Price Ceiling this will result in a
Surplus
Shortage
Equilibrium
25
A technological advance in the production of the product occurs.
Supply Decrease
Supply Increase
Demand Decrease
Demand Increase
26
The price of a complementary product falls.
Demand Decrease
Supply Decrease
Supply Increase
Demand Increase
27
Which scenario is being depicted when moving from D1 to D2?
Quantity Demanded Decrease
Demand Increase
Demand Decrease
Quantity Demanded Increase
28
An increase in the prices of resources required in the production of the product occurs.
Supply Increase
Supply Decrease
Demand Decrease
Demand Increase
29
If a product is not a necessity and has many substitutes then it
has ELASTIC Demand
has ELASTIC Supply
has INELASTIC Supply
has INELASTIC Demand
30
Which of the following is the Most Inelastic in Demand?
Coffee
Hamburgers
Salt
Pizza
31
What is the effect on equilibrium price and quantity?
Price Decrease; Quantity Increase
Price Increase; Quantity Decrease
Price Decrease, Quantity Decrease
Price Increase; Quantity Increase
32
If a product IS a necessity and NO substitutes are available then it has
ELASTIC Demand
INELASTIC Demand
ELASTIC Supply
INELASTIC Supply
33
What is happening at the $3 price level?
Equilibrium
Surplus
Shortage
34
What is the effect on equilibrium price and quantity?
Price Decrease, Quantity Decrease
Price Increase; Quantity Decrease
Price Increase; Quantity Increase
Price Decrease; Quantity Increase
35
What is the effect on equilibrium price and quantity?
Price Decrease; Quantity Increase
Price Increase; Quantity Increase
Price Decrease, Quantity Decrease
Price Increase; Quantity Decrease
36
If the price of a product increases, what should the business do?
Demand Less
Supply More
Supply Less
Demand More
37
The price of a substitute product falls.
Demand Increase
Supply Decrease
Supply Increase
Demand Decrease
38
The product becomes more fashionable/desirable.
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
39
If a product can be made quickly, inexpensively, and resources are available then this product
has INELASTIC Supply
has ELASTIC Supply
has INELASTIC Demand
has ELASTIC Demand
