During a power outage during a storm, the demand for candles

increases to consumer preferences

If the price of hot chocolate increases,

The demand for hot tea increases

If the price of sleds increases...

The demand for snow suits decreases

The demand and supply schedule shows:

The same information as a supply and demand graph

Marshmallows and hot chocolate are:

Complements (one demand leads to another)

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Extra Supply & Demand Practice

18 termsStudBud Administration41 plays

Introductory review of supply and demand changes

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
The point where supply and demand intersect is
equilibrium
a price floor
a price ceiling
Adam Smith land
2
A decrease in the price of peanut butter would most likely increase the demand for
Electricity
Ham
Coffee
Jelly
3
One of the following is NOT a determinant of Supply:
Technology
# of consumers
# of sellers (Competition is good)
Costs of production
4
A decrease in the price of butter would most likely decrease the demand for:
margarine
jelly
bagels
syrup
5
Which of the following would increase demand for an inferior good? A decrease in:
Income
Price
Price of a Substitute
Price of a Complement
6
An increase of wages will lead to a:
decrease in Supply
increase in Supply
Increase quantity demanded
decrease in demand
7
A change in Price causes a change in :
Substitutes
# of Consumers
Demand
Quantity Demanded
8
The following is not a determinant of Demand
# of Consumers
Taste
Price of Substitutes
Technology
9
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
increases to consumer preferences
decreases due to consumer preferences
increases due to income, normal goods
10
For many people, Spam is a
a substitute
normal good
an inferior good
a complement
11
An increase in the price of pizza will lead to an increase in which of the following?
the demand of calizones
the supply of pizza
the supply of coca cola
the demand for flour
12
After a heavy snowfall, the demand for snow shovels
The quantity supplied increased
The quantity demanded increased
decrease
increase
13
If the price of hot chocolate increases,
The demand for ice cream increases
The demand for marshmallows is unchanged
The demand for marshmallows increases
The demand for hot tea increases
14
If the price of sleds increases...
The demand for snow suits decreases
None of the above
The demand for snow suits increases
Price does not change demand, so no change
15
The demand and supply schedule shows:
Price that everyone would pay
The same information as a supply and demand graph
Demand prices and quantities, but not supply
Profit of loss of a business
16
How many of Jimmy John's subs a person demands depends on:
The price of the Subs
How good the french fries are
How long the line is.
The price of cokes
17
Marshmallows and hot chocolate are:
Substitutes
No relationship
Inferior Goods
Complements (one demand leads to another)
18
The following is a determinant of Demand
Subsidies and taxes
More $ = more demand
Competition is Good
Costs of Production

Extra Supply & Demand Practice Flashcards | StudBud