The point where quantity demanded is the same as supplied

What is Elasticity of Demand?

An increase in price will effect the demand of the product

What is the Law of Demand?

As the price of a good increases the Demand will decrease

Occurs when price falls below equilibrium

What does Surplus mean?

When quantity supplied is more than demanded

Product: chocolate, event: scientists prove that chocolate add 10 years to your life.

Demand increases, taste and preferences

What is the law of supply?

As price of an item increase so does amount supplied

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HHS Economics Supply and Demand Review

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Questions 20

Answers

1
Overhead would be a....
fixed cost
total cost
huh?
variable cost
2
Costs that change for a company
variable costs
total cost
fixed cost
marginal cost
3
What is equilibrium?
The point where quantity demanded is different than supplied
The point where quantity demanded is the same as supplied
A maximum price set by the government
The price that every consumer will pay
4
What is a good that is used with another good called?
Substitute
Complement
Compliment
Tastes and Preferences
5
What is a reason for a shift in supply?
Complements
Income
Expectations
Substitutes
6
What is an example of an inelastic good?
Pepsi
Gas
In-N-Out
shoes
7
There is a direct relationship between price and quantity
huh?
what?
Law of demand
Law of supply
8
Product:sports drink. Event: Price of soda increases
Demand increases, substitutes
demand increases, complements
Demand decreases, substitutes
demand decreases, complements
9
What is Elasticity of Demand?
An increase in price will effect the demand of the product
An increase in price won't effect the demand of the product
A lot of demand
Owning a taco truck without a permit
10
What is the Law of Demand?
As the price of a good increases the Demand will decrease
As the price of a good decreases the Demand will decrease
As the price of a good increases the supply will decrease
As the price of a good increases the Demand will increase
11
What is a shortage?
Occurs when price falls below equilibrium
Occurs when price falls above equilibrium
Price ceiling
When you have the same amount in supply and demand
12
Which item is most inelastic in demand?
Prescription medicine
tshirt
car
vitamins
13
Explains why the government does not need to intervene with pricing
efficiency
flexibility
familiarity
neutrality
14
What does Surplus mean?
When quantity supplied is equal to demanded
When quantity supplied is more than demanded
When quantity supplied is less than demanded
A career as a sumo wrestler
15
Which is not a reason for a shift in supply?
Income
Expectations
Change in number of suppliers
Change in cost of production
16
Which is not a reason for a shift in demand?
Complements
Change in price
Income
Substitutes
17
Product: chocolate, event: scientists prove that chocolate add 10 years to your life.
demand decreases, expectations
Supply decreases, expectations
Demand decreases, tastes and preferences
Demand increases, taste and preferences
18
Explains why prices are based on competition
flexibility
neutrality
familiarity
flexibility
19
What is a reason for a shift in demand?
Change in cost of production
Incomes
Technology
Number of suppliers
20
What is the law of supply?
The same as the law of demand
As price of an item decreases, qty supplied increases
As price of an item increase so does amount supplied
As price increases, so does profit

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