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Economics Review Unit 2 Flashcards | StudBud
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Economics Review Unit 2
Economics Review Unit 2
20 terms
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Demand, Supply, Equilibrium
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What kind of curve is this?
Supply Curve
Demand and Supply Curve
Demand Curve
Equilibrium Curve
2
The Law of Demand says that
As Quantity decreases, Price decreases
As Price increases, Quantity increases
As Price Increases, Quantity stays the same
As Price increases, Quantity decreases
3
On a Supply Curve, if the Price is decreasing then
The Quantity Supply is increasing.
The Quantity Supply is decreasing.
4
On a Supply Curve, if the Price is increasing then
The Quantity Supply is increasing.
The Quantity Supply is decreasing.
5
What happened to the Equilibrium Price after the Demand Curve shifted to the right?
Decreased to $2.00
Increased to $1.20
Increased to $1.60
Decreased to $0.80
6
What is the Equilibrium Quantity on the graph shown?
300
400
100
200
7
What kind of curve is this?
Demand Curve
Demand and Supply Curve
Supply Curve
Equilibrium Curve
8
What is the Quantity at a Price of $11?
5
11
6
10
9
Which term best describes the slope of the Supply Curve shown?
Upward Sloping
Downward Sloping
10
Which of the following curves is shifting in the image shown?
None
Demand Curve
Supply Curve
Supply and Demand Curves
11
What is the Quantity at the price of $7?
8
6
3
0
12
What happened to the Equilibrium Quantity after the Demand Curve shifted to the right?
Decreased to 200
Increased to 100
Decreased to 300
Increased to 400
13
Which curve is shifting in the graph shown?
Supply Curve
Equilibrium Curve
Demand Curve
Both Supply and Demand Curve
14
On a Demand Curve, if the Price is increasing then
The Quantity Demand is increasing.
The Quantity Demand is decreasing.
15
What is the Equilibrium Price on the graph shown?
6
2
4
8
16
What is the Quantity at a Price of $16?
11
6
5
10
17
On a Demand Curve, if the Price is decreasing then
The Quantity Demand is decreasing.
The Quantity Demand is increasing.
18
What is the Quantity at the price of $1?
6
0
3
9
19
Which term best describes the slope of the Demand Curve shown?
Upward Sloping
Downward Sloping
20
The Law of Supply says that
As Quantity decreases, Price stays the same
As Quantity increases, Price decreases
As Price decreases, Quantity decreases
As Quantity decreases, Price increases
