Supply and Demand (Difficult) Flashcards

1

If the supply of a good is inelastic....

2

You buy chips and a soda. Which market in the circular flow did this transaction happen in?

3

In the market for hot dogs, an increase in the price of hot dogs will...

4

In order to create demand for a good, a person must be ___ and ___ to buy it.

5

According to the graph below, what is the equilibrium quantity?

6

In the graph below, what is the equilibrium price?

7

What is the relationship between price and quantity supplied?

8

Which of the following is an example of a price floor?

9

According to the market demand schedule below, how much soda will be demanded at $1.50?

10

If the price of soda increases from $1.00 to $2.00 what happens?

Supply and Demand (Difficult)