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Supply & Demand Inputs Flashcards | StudBud
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Supply & Demand Inputs
Supply & Demand Inputs
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Supply & Demand Input Analysis - generic/abstract descriptions of inputs #supply #demand #economics
Flashcards
23 cards
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Questions
23
Answers
1
The product becomes more fashionable/desirable.
Demand Increase
Supply Increase
Supply Decrease
Demand Decrease
2
What is happening at the $3 price level?
Shortage
Equilibrium
Surplus
3
A technological advance in the production of the product occurs.
Supply Increase
Demand Decrease
Demand Increase
Supply Decrease
4
Income declines, and this product is an inferior good.
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
5
Which scenario is being depicted?
Demand Decrease
Demand Increase
Supply Increase
Supply Decrease
6
What is the effect on equilibrium price and quantity?
Price Decrease, Quantity Decrease
Price Increase; Quantity Decrease
Price Decrease; Quantity Increase
Price Increase; Quantity Increase
7
An increase in the prices of resources required in the production of the product occurs.
Demand Decrease
Supply Increase
Demand Increase
Supply Decrease
8
Producers expect lower market price in the future, and they decrease their production levels.
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
9
Consumers anticipate that the market price of the good will be lower in the future.
Demand Increase
Supply Decrease
Supply Increase
Demand Decrease
10
What is the effect on equilibrium price and quantity?
Price Decrease, Quantity Decrease
Price Increase; Quantity Increase
Price Increase; Quantity Decrease
Price Decrease; Quantity Increase
11
Which scenario is being depicted?
Supply Decrease
Demand Decrease
Demand Increase
Supply Increase
12
The price of a complementary product falls.
Demand Increase
Supply Decrease
Supply Increase
Demand Decrease
13
A sales tax is applied to all production and sale of the item.
Supply Decrease
Supply Increase
Demand Increase
Demand Decrease
14
What is the effect on equilibrium price and quantity?
Price Decrease, Quantity Decrease
Price Increase; Quantity Increase
Price Decrease; Quantity Increase
Price Increase; Quantity Decrease
15
Consumers anticipate that the product will be unavailable in the future.
Demand Decrease
Demand Increase
Supply Decrease
Supply Increase
16
There is a decline in the price of a product that is an alternative/substitute for producers.
Supply Decrease
Demand Increase
Supply Increase
Demand Decrease
17
Which scenario is being depicted?
Supply Increase
Demand Decrease
Demand Increase
Supply Decrease
18
What is happening at the $1 price level?
Surplus
Shortage
Equilibrium
19
What is the effect on equilibrium price and quantity?
Price Decrease; Quantity Increase
Price Increase; Quantity Decrease
Price Increase; Quantity Increase
Price Decrease, Quantity Decrease
20
What is happening at the $2 price level?
Equilibrium
Surplus
Shortage
21
A subsidy on the production and sale of the item is implemented.
Demand Increase
Demand Decrease
Supply Decrease
Supply Increase
22
Which scenario is being depicted?
Demand Decrease
Supply Increase
Demand Increase
Supply Decrease
23
The price of a substitute product falls.
Supply Increase
Demand Decrease
Supply Decrease
Demand Increase
