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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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#supplyanddemand
Flashcards
16 cards
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Questions
16
Answers
1
Which factor is most likely to cause the supply of a product to
decrease?
a repeal of subsidies for producers
an increase in the number of suppliers
a decrease in taxes on businesses
cheaper factors of production
2
The horizontal axis of a demand curve displays?
cost of resources
prices
utility
quantities
3
Which of the following might cause a change in demand?
number of consumers
price of a good or service
taxes on businesses
government subsidies
4
According to the law of demand, quantity demanded and price ____.
can be determined separately
move in opposite directions
move in the same direction
are unrelated
5
situations in which price changes have little effect on the quantity demanded
inelastic demand
freedom of choice
subsidies
inelastic supply
6
This concept relates to the additional satisfaction that comes from each unit consumed.
marginal utility
demand elasticity
complements
utility
7
Tools used to find new oil reserves are more expensive. The impact on the market for
Oil
Demand curve shift to the left
Supply curve shift to the left
Supply curve shift to the right
Demand curve shift to the right
8
The price of sugar falling will likely cause the following in the market for
Chocolate Candy
Supply curve shift to the left
Supply curve shift to the right
Demand curve shift to the left
Demand curve shift to the right
9
A supply curve ____.
A)slopes down
C)is horizontal
D)curves
B)slopes upward
10
Winter is around the corner. What will likely happen to the market for
swimsuits
?
Supply curve shifts to the left
Supply curve shifts to the right
Demand curve shifts to the left
Demand curve shifts to the right
11
An example of complementary goods would be ____.
A)margarine and butter
D)trains and airplanes
B)pens and pencils
C)computers and software
12
The point where the supply curve and the demand curve meet is the ____.
D)equilibrium price
B)surplus point
A)shortfall point
C)adjustment price
13
When demand decreases, the demand curve ____.
C)curves upwards
D)forms a horizontal line
A)shifts to the left
B)shifts to the right
14
Which factor is most likely to cause the supply of a product to
decrease?
an increase in the number of suppliers
a repeal of subsidies for producers
cheaper factors of production
a decrease in taxes on businesses
15
The vertical axis of a demand curve for a product displays?
Quantities
Elasticity
Utility
Prices
16
The demand for goods and services in a particular area might
increase
if
people's incomes decrease
a large number of residents move out of a neigborhood
people expected a bad economy in the future
a new apartment building opens and is filled with families
