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ECO11 — EASY: Demand & Supply Factors Flashcards | StudBud
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ECO11 — EASY: Demand & Supply Factors
ECO11 — EASY: Demand & Supply Factors
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:Demand & Supply Factors
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of the following factors is the odd one out?
cost of production
substitute products
interest rates
Consumer preferences & tastes
2
A change in the price of a product itself will result in…
a shift of the demand curve
a shift of the supply curve
a movement along the demand and supply curve
3
Which of the following factors is the odd one out?
government policies
price of the product itself
disposable income
technological change
4
The vertical axis on a demand & supply graph represents:
Quantity
Performance
Productivity
Prices
5
The Equilibrium point is...
where supply and demand are not balanced
where everything is equal
the point at which both curves intersect
the highest point in the graph
6
A decrease in demand in a market will cause a…
shift in the demand curve to the right
shift in the demand curve to the left
movement along the demand curve to the right
a movement along the demand curve to the left
7
The horizontal axis on a demand & supply graph represents:
Performance
Productivity
Quantity
Prices
8
Which of the following is both a demand and a supply factor?
population growth
price of the product itself
consumer confidence
cost of production
9
An increase in demand will shift…
the demand curve to the left
the supply curve to the right
the demand curve to the right
both the demand and the supply curve to the right
10
Which of the following is not a supply factor?
Climate conditions
Consumer preferences & tastes
Cost of production
Government action
11
The supply curve is generally…
vertical
downwards sloping
horizontal
upwards sloping
12
The law of demand states that…
as prices increase, qty supplied will increase
as prices increase, qty supplied will decrease
as prices increase, qty demanded will increase
as prices increase, qty demanded will decrease
13
Which of the following is not a demand factor?
disposable income
climate conditions
price of complemntary products
preferences and tastes
14
The demand curve is generally…
downwards sloping
vertical
upwards sloping
horizontal
15
The law of supply states that…
as prices increase, qty demanded will decrease
as prices increase, qty demanded will increase
as prices increase, qty supplied will decrease
as prices increase, qty supplied will increase
