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BBA1002 2.1-2.2 (V.1) Flashcards | StudBud
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BBA1002 2.1-2.2 (V.1)
BBA1002 2.1-2.2 (V.1)
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Demand Supply Market Equilibrium
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A decrease in Oong Oong Doll supplied would be caused by which of the following?
Price of OOng Oong doll increase.
Price of other types of doll that the producer produce reduces in price.
Number of doll producers increases.
Cost of the cotton to put in doll increases.
2
When the market price is higher than the equilibrium price, there will be
a shortage in the market.
quantity demand more than quantity supply.
a surplus in the market.
an equilibrium in the market.
3
Price of Coke increases,
the supply of Pepsi will increase.
the demand of Pepsi will increase.
the demand of Pepsi will decrease.
the supply of Pepsi will decrease.
4
Positive relationship between price of good and quantity that producers are willing and able to supply refers to
the Law of Demand.
the Law of Income.
the Law of Supply.
the Law of Utility.
5
When there is an increase in the number of buyers,
the demand curve will shift to the left.
the supply curve will shift to the left.
the supply curve will shift to the right.
the demand curve will shift to the right.
6
An increase in the quantity of motorcycle supplied would be caused by which of the following?
Higher prices for gasoline.
A decrease in the demand for motorcycle.
An increase in the price of motorcycle.
Higher prices for steel.
7
Which of the following is consistent with the law of demand?
Increase in price of corn causes an increase in quantity of corn demanded.
Increase in price of soda causes decrease in quantity of soda demanded.
Decrease in the price of milk causes decrease in quantity of milk demanded.
Decrease in the price of tea causes no change in quantity of tea demanded.
8
At the point where the demand and supply curves for a product intersect,
market is in equilibrium.
there is a shortage.
market is in disequilibrium.
there is a surplus.
9
Supply of furniture will shift to the right when
new technology is introduced in production of furniture.
government impose tax on furniture.
price of furniture increases.
cost of wood (input for furniture) increases.
10
Which of the following will decrease the supply of a good?
A lower price paid for resources used in the production of the good.
decrease in income of consumers.
An increase in the price of another good that producers could produce.
An increase in the number of sellers.
