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Supply and Demand Formative Flashcards | StudBud
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Supply and Demand Formative
Supply and Demand Formative
30 terms
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StudBud Administration
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133 plays
Review of supply and demand shifters
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Your teachers got a pay raise. How will this impact the supply of shoes?
supply decreases
no impact on supply
no impact on demand
supply increases
2
A change in the price of a good:
will cause demand to shift to the left
will cause supply to shift to the right
will cause a change in quantity and cause movement on the curve
will cause a change in quantity and a shift
3
The government increases the taxes on tobacco products. How will this impact the market for cigarettes?
demand decreases
demand increases
supply decreases
supply increases
4
A price ceiling is above equilibrium.
True
False
5
Due to the drought, farmers are given a subsidy for water. How does this impact the market for lettuce?
demand increases
supply decreases
demand decreases
supply increases
6
There will be a sale on Xbox systems next week for Black Friday. What immediate impact will this have on demand?
supply increases
demand increases
demand decreases
quantity demanded increases
7
A price floor causes a surplus
True
False
8
The price of tacos increases. How will this affect the demand for burgers, a substitute good?
increases demand
increases supply
decreases supply
decreases demand
9
The law of demand states:
as price increases quantity demanded decreases
as price increases so does demand
as price increases, quantity supplied decreases.
as price increases so does quantity demanded
10
A report reveals that several hundred people have gotten E.coli after eating a burger at McDonald's.
demand decreases
supply increases
supply decreases
demand increases
11
New technology makes the production of toilet paper faster. How does this impact supply?
supply decreases
demand increases
supply increases
demand decreases
12
A legally binding price ceiling could be found at:
$5.00
$2.00
$3.00
$4.00
13
Minimum Wage is an example of a price ceiling.
False
True
14
A huge drought wipes out grapes. What will be the impact on the market for grape jelly?
demand increases
supply decreases
demand decreases
supply increases
15
There is a sale on hotdog buns. How does this affect hot dogs?
supply increases
demand increases
demand decreases
supply decreases
16
The government increases the taxes on farmers. What impact does this have on the market for strawberries?
supply decreases
supply increases
demand decreases
demand increases
17
Tourists flock to Tahoe to ski this winter, how does this affect lift tickets?
supply increases
supply decreases
demand decreases
demand increases
18
The law of supply implies, holding everything else constant that if:
the price of tablets increases, quantity of tablets demanded will increase
the price of tablets increases, quantity of tablets supplied will increase
the price of tablets increases, quantity of tablets demanded will decrease
the price of tablets increases, quantity of tablets supplied will decrease
19
The cost of toothbrushes increases, what happens to the market for toothpaste?
demand decreases
supply increases
supply decreases
demand increases
20
The price of replacement lead decreases, what happens to the market for mechanical pencils?
supply increases
supply decreases
demand increases
demand decreases
21
The iPhone 16 Pro is released. How will this impact the market for older models of the iPhone?
demand will increase
demand will decrease
supply will decrease
supply will increase
22
New studies show that green tea is good for your health
supply increases
demand increases
supply decreases
demand decreases
23
All of the following will shift a demand curve EXCEPT
change in cost of inputs
change in tastes
change in number of consumers
change in the price of a complimentary good
24
All of the following will cause supply to shift EXCEPT:
change in technology
change in number of consumers
change in cost of inputs
the price of another good that is more profitable.
25
The price of tacos increases. How will this affect the market for taco shells?
increases demand
decreases demand
decreases supply
increases supply
26
There will be a sale on Xbox systems next week for Black Friday. What will be the immediate impact on supply?
supply decreases
demand increases
supply increases
quantity supplied increases
27
A new study reveals that eating red meat helps you lose weight. What shifter is responsible for the increase in demand?
producer expectations
producer tastes/preferences
consumer expectations
consumer tastes/preferences
28
A new pizza restaurant opens in the neighborhood.
supply increases
demand increases
supply decreases
demand decreases
29
The willingness and ability of producers to sell a good at a given price
demand
supply
30
A new study reveals that eating red meat helps you lose weight. Will this shift supply or demand?
supply
demand
