Demand is downward sloping due to :

the income and substitute effect

If the price of sleds increases,

The demand for snow suits decreases

The Law of Demand says that :

As price goes up, quantity demanded goes down

During a recent snow/ ice storm, the demand for netflex

increase due to an increase in consumer taste

If the price of hot chocolate increases,

The demand for hot tea increases

An increase in the price of pizza will leas to an increase in which of the following?

the supply of calizones (substitute)

During a power outage during a storm, the demand for candles

increases to consumer preferences

studbud

Duplicate of Supply & Demand

21 termsStudBud Administration62 plays

Introductory review of supply and demand changes

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
A change in Price causes a change in :
Demand
# of Consumers
Quantity Demanded
Substitutes
2
A decrease in the price of peanut butter would most likely increase the demand for
Coffee
Ham
Jelly
Electricity
3
Demand is downward sloping due to :
Inferior and normal goods
the income and substitute effect
The number of consumers
The substitute and complement effect
4
For many people, Spam is a
normal good
an inferior good
a complement
a substitute
5
The magic point where supply and demand connects is
Adam Smith land
equilibrium
a price ceiling
a price floor
6
The following is not a determinant of Demand
Technology
Price of Substitutes
# of Consumers
Taste
7
Which of the following would increase demand for a normal good? A decrease in:
Income
Price
Price of a Substitute
Price of a Complement
8
An increase of wages will lead to a:
decrease in Supply
Increase quantity demanded
decrease in demand
increase in Supply
9
Marshmallows and hot chocolate are:
No relationship
Inferior Goods
Substitutes
Complements
10
If the price of sleds increases,
The demand for snow suits increases
The demand for snow suits decreases
The snow sharks eat more kids
Price does not change demand, so no change
11
A decrease in the price of butter would most likely decrease the demand for:
syrup
jelly
bagels
margarine
12
The Law of Demand says that :
As price goes up, quantity demanded goes up
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes down
As price goes up, the quantity supplied goes up
13
During a recent snow/ ice storm, the demand for netflex
decreased due to a lack of preference
increased to an increase in supply of netflex
decreased
increase due to an increase in consumer taste
14
After a heavy snowfall, the demand for snow shovels
The quantity supplied increased
increase
decrease
The quantity demanded increased
15
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for hot tea increases
The demand for marshmallows is unchanged
The demand for ice cream increases
16
An increase in the price of pizza will leas to an increase in which of the following?
the supply of pizza
the supply of calizones (substitute)
the demand for flour
the supply of coca cola
17
One of the following is not a determinant of Supply:
# of sellers
# of consumers
technology
Price of other goods
18
The following is a determinant of Demand
Income
# of Suppliers
Taxes
Subsidies
19
A change in Price causes a change in
Supply
quantity supplied
Technology
Demand
20
During a power outage during a storm, the demand for candles
decreases due to consumer preferences
decrease, due to inferior goods
increases to consumer preferences
increases due to income, normal goods
21
The Law of Supply is
An inverse relationship
says that when price goes up, demand goes down
based on consumers behavior
A direct relationship

Duplicate of Supply & Demand Flashcards | StudBud