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Unit 4: Supply and Demand Flashcards | StudBud
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Unit 4: Supply and Demand
Unit 4: Supply and Demand
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Study guide for unit 4 of economics: supply and demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What Graph is this?
Demand
Supply
2
Who determines demand?
Buyers
Sellers
3
What is Perfect Competition
Lots of variety, Lots of sellers
Not much variety, 1 seller
Not much variety, Lots of sellers
Lots of variety, 1 seller
4
What is a Oligopoly?
Lots of firms with lot of variety but high barriers of entry
Lots of firms with lots of variety but low barriers of entry
Lots of firms with some variety but high barriers of entry
Lots of firms with some variety but low barriers of entry
5
Law of demand
P up, Qd up
P up, Qd down
6
What does E mean on the graph?
Equalsum
Equal
Equilibrium
Easy
7
What is a Price Floor
Min Price set by the govt
the bottom thingy
The top thingy
Max Price set by the govt
8
Law of supply
P up, Qs up
P up, Qs down
9
Who determines supply?
Sellers
Buyers
10
What is a monopoly?
Many sellers, Lots of variety of goods
Many sellers, no variety in goods
1 seller in the market, no variety in goods
Mass Variety of goods, 1 seller in the market
11
What is a price ceiling?
The min price set by the govt
The thingy
The other thingy
The Max price set by the govt
12
What determinant is this? Jim is trying to save money cause he know the price of TV is going up
Expectation
Consumer Income
Technology
Price of related good
13
What graph is this?
Supply
Demand
14
What is this Determinant? The price of the Iphone 6 decrease with the new addition of Iphone 7
Technology
Govt Interventions
Input price
Expectations
15
What is one determinant of demand
Input Price
# of buyers
# of sellers
Technology
16
What is this Determinant? Joe has been fired from work.
# of buyers
Consumer Income
Price of related goods
Taste/Preference
17
What is required to be place on a S&D graph
Q, D, E, Qs, Qd, S, D
Q, P, E, S, D
Q, P & E
D & S
18
what is this determinant? Many Firms are going out of business.
# of sellers
Technology
Input Price
Expectations
19
what is a determinant of supply
Govt. intervention
Taste/Preference
Expectations
Price of related good
20
What is a Monopolistic Competition?
Many firms with lots of variety but low barriers of entry
Many firms with some variety but low barriers of entry
Many firms with lots of variety but high barriers of entry
Many firms with some variety but high barriers of entry
