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Edexcel A Level Business - 1.2.1-1.2.3 Demand, Supply, Markets Flashcards | StudBud
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Edexcel A Level Business - 1.2.1-1.2.3 Demand, Supply, Markets
Edexcel A Level Business - 1.2.1-1.2.3 Demand, Supply, Markets
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#Edexcel A Level #Business - 1.2 The market - Theme 1
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A fall in demand for mushrooms (D to D2 in the diagram) causes:
A extension in supply
A decrease in the equilibrium price
An increase in the equilibrium price
No change in equilibrium price
2
Which of the following is
not
likely to result in a change in supply?
promotion and branding
introduction of new technology
changes in the costs of production
government subsidies
3
Which of the following is
not
likely to result in a change in demand?
changes in the prices of substitutes and complementary goods
changing costs of production
advertising and branding
external shocks
4
Which of the following events would result in a downwards movement along a supply curve?
Price of labour goes down
Price of labour goes up
Price of the product goes down
Price of the product goes up
5
A warm British summer is likely to result in what impact on the ice cream market?
A shift in the demand curve to the left.
A shift in the demand curve to the right.
A shift in the supply curve to the left.
A shift in the supply curve to the right.
6
Government subsidies would cause:
A shift in the supply curve to the right
A shift in the demand curve to the right
A shift in the supply curve to the left
A shift in the demand curve to the right
7
How is the introduction of a 'sugar tax' on soft drinks likely to affect the carbonated drinks market?
A shift in the demand curve to the left.
A shift in the supply curve to the left.
A shift in the supply curve to the right.
A shift in the demand curve to the right.
8
________ is the amount of a good or service that
producers
are
willing
and
able
to sell at any given price
Demand
Supply
9
Describe the relationship between supply and demand shown in the diagram (S shifts to the right to S1).
A competitor has left the market: a fall in supply.
Consumer incomes rise: an increase in demand.
A competitor has entered the market: an increase in supply.
Consumer incomes fall: a fall in demand.
10
An increase in supply (S to S1 in the diagram) causes:
No change in the equilibrium price
An contraction in demand
A decrease in the equilibrium price
An increase in the equilibrium price
