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Supply and Demand
Supply and Demand
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
45 cards
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Practice quiz
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Questions
45
Answers
1
At price of $2 what is the quantity demanded?
5 units
2 units
4 units
8 units
2
Which of the following is NOT a factor that affects supply
Changes in Income
Changes in Technology
Price of the good
Price of other goods
3
What is the Equilibrium Quantity here?
4
5
3
2
4
When Creating a supply and demand curve how do you label each axis?
X=Quantity Y=Price
X= number of buyers Y=number of sellers
X=Price Y= number of sellers
X=Quantity Y= number of buyers
5
Market Equilibrium occurs when the Quantity Demanded _____ the Quantity Supplied
Is less than
Is greater than
Is equal to
6
At price of $2 what is the quantity supplied?
4 units
2 units
5 units
7 units
7
The quantity of goods/services available to buy at various prices over a period of time is:
Supply
Demand
8
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
price, quantity
demand, supply
quantity, demand
price, supply
9
A supply curve is always drawn as
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
10
A table that shows the quantities demanded for a good at various prices is a
demand schedule
demand curve
law of demand
factors affecting demand
11
Which of the following is not a factor affecting demand?
Income
Price of Substitutes
Price of complements
Amount of sellers in the market
12
The equilibrium price and quantity would be...
P = $5, Q= 4
P=$5, Q=6
P= $6, Q= 5
P= $5, Q=5
13
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Demand
Quantity
Supply
Price
14
A Demand Curve always goes from
upwards from bottom left to top right
downwards from top left to bottom right
15
What happens to a supply curve when the number of sellers increase?
It shifts leftward
It shifts rightward
It shifts upward
It shifts downward
16
What happens when the Supply is low and the demand is high?
The price decreases
The price increases
17
What does a demand curve show?
A diagram for a super fun slide
The amount sellers are willing to sell at any price
amount the buyers are willing to purchase at any price
How much consumers need something
18
What is the Equilibrium Price here?
5
2
3
4
19
The law of supply states
As prices increase, supply increases
As prices increase, supply falls
As prices increase, demand falls
As prices increase, demand increases
20
A graphical representation of a demand schedule is
demand curve
supply curve
law of supply
law of demand
21
Price has increased causing the supply curve to shift to the left.
False
True
22
Which of the following is NOT a factor that affects demand
Price of the good
Price of other goods
Changes in Income
Changes in Technology
23
Which of these factors may cause a shift in the demand curve?
All of the above
A change in the size of the population
A change in trends and fashions
Good or bad publicity
24
"What's trending" will have an effect on Demand
False
True
25
When demand is greater than supply, a _________ will result
shortage
surplus
balance
equilibrium
26
The law of demand states
As prices increase, supply increases
As prices increase, demand increases
As prices increase, supply falls
As prices increase, demand falls
27
Which of the following is a factor that DOES NOT effect supply ?
Income
prices of other goods
Government actions
Technology
28
A shift in the supply curve to the left means:
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
none of the above
29
At what price will 7 units be SUPPLIED to the market?
$5
$2
$7
$4
30
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Quantity
Price
Supply
Demand
31
What happens when the supply is high and the demand is low?
Prices go crazy and have a party
The Prices tend to fall
The Prices tend to increase
The Market is at Equilibrium
32
What happens to the supply curve when the cost to produce a good increases?
No change
No change
It shifts left
It shifts right
33
How do we calculate Total Revenue?
Price x Quantity Demanded
Price x Quantity Supplied
Quantity Demanded x Quantity Supplied
Price x Profits
34
If the demand curve shifts to the left there has been an increase in demand.
False
True
35
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
True
False
36
Who determines demand?
Queen
Buyers
Sellers
37
When supply is greater than demand, a _________ will result
balance
surplus
equilibrium
shortage
38
A decrease in demand is shown graphically by
A shift to the right in the demand curve.
A movement down
A shift to the left in the demand curve
A movement up
39
A leftward shift of supply will:
increase equilibrium quantity.
decrease equilibrium quantity.
increase demand.
decrease demand.
40
QS (Quantity Supplied) means:
The amount that's supplied by the business
The amount consumers are buying
The price that sellers want to sell as
The price that consumers want to buy as
41
The quantity of goods/services consumers are willing to buy at various prices over a period of time is called:
Demand
Supply
42
A change in price of a good moves the whole Demand Curve
False
True
43
Where supply and demand curves meet is known as:
equal
coincide
overlap
equilibrium
44
A table showing the quantities supplied of a good at various prices is called a
supply schedule
law of supply
factors affecting supply
supply curve
45
What would cause a shift in Demand?
All of the above
income
Advertising
Consumer Expectations
