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How Markets Work: Supply, Demand, Equilibrium Flashcards | StudBud

Explore/How Markets Work: Supply, Demand, Equilibrium

How Markets Work: Supply, Demand, Equilibrium

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Grade 10 Economics

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Questions 10

Answers

1
As the price of goods decrease...
we actually have less money.
We become relatively poorer.
we become relatively richer.
we actually have more money.
2
How does population shift demand?
Increase in population will shift demand to the right.
Decrease in population will shift demand to the right.
It will not shift demand.
Increase in population will shift demand to the left.
3
Quantity will SHIFT to the right when...
Consumers have a negative opinion of a good.
The curve shifts to the left.
Prices increase.
Consumers think positively about a good or service.
4
The formula for finding total revenue is
Price - Total Costs
Total Cost - Prior Total Cost
Price X Quantity
Fixed Costs + Variable Costs
5
What is a substitute good?
A good that is in high demand.
A good that goes with another
A good that replaces another.
A good that supplements another good.
6
A substitute good for peanut butter is...
Margarine
jelly!
Nutella
Bread. Fluffy Wonderbread.
7
What does the law of demand state?
She who demands gets to make the rules.
As prices fall, so too will demand.
As prices rise, so too will demand.
As prices fall, demand will rise.
8
How does a complementary good affect demand?
It remains the same.
When price falls, O.G. demand falls
When price rises, O.G. demand falls.
It has little effect.
9
A complementary good to hotdogs:
Ketchup
Coffee
Jelly!
Hamburgers
10
A demand curve...
Goes upward(quantity increases when price increases)
shifts left when demand increases.
Slopes downwards (quantity increases when price decreases)
Is a table representing quantities at specific prices.