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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
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Questions
20
Answers
1
Minimum wage is an example of
a price floor that creates a surplus
a price ceiling that creates a shortage
a price ceiling that creates a surplus
a price floor that creates a shortage
2
An increase in the price of electricity will
increase demand of heaters
increase demand for stereos
increase demand for TV
increase demand for lightbulbs
3
A change in the cost of production shifts the demand curve to the right
false
true
4
A table that lists the quantity of a good a person will buy at each different price
demand schedule
demand graph
normal good
complement
5
What happens in the market for airline travel when the price of traveling by rail decreases?
demand curve shifts right
supply curve shifts left
supply curve shift right
Demand curve shifts left
6
Define Law of Demand
there is no law of demand
as price goes up quantity demanded goes up
as price goes up quantity demanded stays the same
as price goes down quantity demanded goes up
7
A table that lists the quantity of a good a person will buy at each different price
demand schedule
income effect
complements
ceteris paribus
8
goods used in place of one another
normal good
complements
substitution effect
substitutes
9
Two good that are brought and used together are
complements
elastic
substitutes
normal goods
10
A doctor predicts that wearing adidas shoes leads to less back issues, demand curve shifts ___
right
down
up
left
11
Market price or quantity supplied being anywhere but equilibrium is called
excess demand
disequilibrium
market value
supply
12
The governments way of reducing supply of goods
tax
subsidy
supply
demand
13
Government causes supply of a good to increase what happens to supply curve of the good ?
reverses direction
shifts to the left
shifts to the right
Curve not affected
14
What is law of supply
as price increases the quantity supplied decreases
as prices decrease quantity supplied increases
as price increases the quantity supplied increases
15
Equilibrium in a market means ?
the point which quantity supplied and demanded are equal
point at which supplier begin to reduce prices
point where unsold goods begin to pile up
point which prices fall below cost of production
16
Government payment that supports a business or market
subsidy
tax
regulations
product
17
The supply curve is sloping upward because
It doesn's
As the price increases, so do costs.
none of the above
As the price increases, consumers demand less
18
When a price ceiling is imposed above the equilibrium price,
The equilibrium is the final price
A surplus results
not enough information
A shortage results.
19
A good that consumers demand less of when their income increases
normal good
money
substitutes
inferior good
20
What are the determinants of demand?
supply, demand, income, opportunity cost, trade offs
equilibrium, underutilization, price, quantity
technology, expectations, population, government
income expectation population taste substitutes relatedgood
