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Supply And Demand
Supply And Demand
29 terms
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Test review over supply and demand.
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
If prices are too high it results in
Shortage
Surplus
No change
Equilibrium
2
Goods and services that can be used in place of each other.
Complements
Expectations
Substitutes
Inferior
3
What does it mean when the demand for a product is inelastic?
People won't buy any of the product when the price goes up
Customers are sensitive to the price of the product.
There are very few satisfactory substitutes for the product
A price increase does not have an impact on buying habits
4
A sharp drop in the price of burgers may lead to an increase in demand for
Relish
Buns
Coleslaw
Chicken
5
When a change in Demand decreases the supply curve shifts ____________.
Down
Up
Left
Right
6
How is future price related to current demand?
If the price is expected to rise, current demand will drop.
Future price is not related to current demand.
If the price is expected to fall, current demand will rise.
If the price is expected to rise, current demand will rise.
7
What is equilibrium?
when quantity supplied and demanded meet
when consumers get what they want
when producers get what they want
when everyone is happy with the price and quantity
8
The law of demand states when prices go ______ then the quantity demand ________.
Up, Decreases
Down, Decreases
Up, Increases
Down, Increases
9
When a change in Demand increases the Demand curve shifts ____________.
Right
Up
Down
Left
10
If factors other than price cause a decrease in demand for products, a demand curve shifts
Left
Right
Down
Up
11
If prices were set too low, what would result?
surplus
shortage
equilibrium
rationing
12
What determines the price and the quantity produced of most goods?
the interaction of supply and demand
the consumer’s perception of necessity
the availability of substitutes for the goods
the quality of the goods that are produced
13
Which of the following is a factor that causes a change in the supply.
Input Cost
Government Action
Labor Productivity
Technology
14
If factors other than price cause an increase in the demand for products, a demand curve shifts
Up
Down
Right
Left
15
If prices of resources fall, supply will
Change
Stay the same
Increase
Decrease
16
The willingness to buy a good and the ability to pay for it.
Economics
Demand
Supply
Elasticity
17
A major drought destroys corn crops in America's heartland. The supply of corn will
Decrease
Increase
Demand will change
Stay the Same
18
If the price of the good being graphed changes then what happens to the demand curve?
Rotation
Shift
Slide
Movement
19
Goods that are used together, so a rise in demand for one increases the demand for the other?
Complements
Substitutes
Inferior
Expectations
20
What kind of table lists the quantity of a good that a person will buy at different prices?
Supply curve
demand curve
demand schedule
Supply schedule
21
What do the points on a market supply curve represent?
Elastic Supply at a given price
Inelastic Demand at a given price
Quantity Supplied at a given price
Quantity Demanded at a given price
22
A shift in the demand curve means which of the following?
a change in demand at every priced.
a change in consumer income
a rise in prices
a decrease in both price and quantity demanded
23
What type of curve is shown in the picture?
Market
Supply
Demand
Law
24
Which of the following is not a cause of change in demand?
Market Size
Complements
Substitutes
Technology
25
The law of supply states when prices go ______ the the quantity supplied ____________.
Up, Decreases
Up, Increases
Down, Increases
Down, Decreases
26
This graph shows what?
Inelastic Supply
Elastic Demand
Elastic Supply
Inelastic Demand
27
Demand is ___________ if quantity demanded changes significantly as price changes.
Elastic
Ineslastic
Inequality
Quality
28
The desire and ability to produce and sell a product.
Production
Price
Supply
Demand
29
What type of curve is shown in the picture?
Supply
Production
Selling
Demand
