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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Questions
30
Answers
1
What is a set of rules or laws designed to control business behavior?
Subsidy
School rules
Regulation
Tax
2
How much do you not like Mr Bewley right now?
Cant answer
A lot
Not at all
You don't want to know
3
What is the effect where people with more income will spend more if they make more?
Substitute effect
Elastic effect
Income effect
Law of diminishing marginal utility
4
What kind of costs never change?
Total
Fixed
Variable
Marginal
5
Which of the following is not a cost in Econ?
Fixed
Total
Elastic
Variable
6
What is the optimal level of workers and production called?
output
input
Profit-maximizing output
Total revenue
7
What occurs when something prompts consumers to buy different amounts at all prices?
Change in supply
Change in elasticity
Change in demand
Change in income
8
Which of the following is a factor that can change supply?
change in the schedule
Consumer tastes
change in the curve of supply
Technology
9
What is an increase or decrease in the amount demanded because of change in price?
change in demand
Elastic
Change in quantity demanded
Change in quantity supplied
10
Which of following is a factor that can change demand?
A grocery store
Complementary goods
Insurance
Change in curve slope
11
Subsidy can increase supply and taxes can decrease supply
False
True
12
What happens when hiring a new worker actually lowers production?
Diminishing returns
Elastic returns
Optimal returns
Increasing returns
13
Which of following is a factor that can change demand?
Supply
Water
Consumer Joy
Income
14
Specialization is....
Having a worker try to do all the jobs
Diminishing returns
Managers making sure all workers are doing what they are suppose to
Having a worker focus on a particular aspect of production
15
Government action and market size are both factors that can change supply
True
False
16
Proportion of income and Substitutes are both ways that we can determine elasticity.
False
True
17
What is the cost of producing one more unit?
Total
Fixed
Variable
Marginal
18
What is total revenue?
A company's income from selling its products
A company's profit
A company's costs
A company's expenses
19
What kind of costs depend on the level of production?
Marginal
Variable
Total
Fixed
20
What occurs when hiring new workers causes marginal product to increase?
Increasing returns
Diminishing returns
Optimal returns
Running returns
21
What is the want and ability to be able to purchase a product or service?
Elasticity
Supply
Demand
Income
22
What is the change in total output brought on by adding one more worker?
Margins
Marginal product
Cal
Marginal cost
23
What is called when we buy generic food over name brand?
Income effect
Technology effect
Elastic effect
Substitution effect
24
What are goods that we buy less of when our income rises?
Good goods
Technology goods
Norma goods
Inferior goods
25
What is the difference between a demand schedule and a market demand schedule?
Market demand schedule is for a large group or an entire buying group
One helps a business the other is useless
demand schedule shows information for a large group
the market demand schedule is for one person
26
Consumer tastes and consumer expectations are both factors that can change demand
False
True
27
Which of the following is a factor that can change supply?
Paper supply
Number of producers
Computers
Consumer expectations
28
What is the desire and ability to produce and sell a product?
Production
Demand
Supply
Income
29
Water is a....
Hobby
Necessity
Subsititute
Luxury
30
What is not getting as much as satisfaction over time or with more usage than the first time?
Law of diminishing marginal utility
Law of demand
Law of supply
Law of income
