When Quantity supplied and the Quantity demanded are equal

The Law of supply states that when . . .

The price goes down, quantity goes down

The Law of Demand says that when . . .

The price goes down, quantity goes up

studbud

Supply and Demand Concepts Review

18 termsStudBud Administration1,573 plays

Supply and Demand Concepts

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
Equilibrium is:
All of these
When Quantity supplied and the Quantity demanded are equal
When Ceteris paribus happens
When supply and demand are equal
2
A price ceiling will create . . .
All of these
A shortage
A surplus
Equilibrium
3
When demand increases . . .
All of these
Both the equilibrium price and the quantity can increase
The quantities for all prices increase
The price for all quantities rises
4
The Law of supply states that when . . .
The price goes up, supply goes up
The price goes down, quantity goes up
The price goes up, supply goes down
The price goes down, quantity goes down
5
What causes a surplus?
High Supply
High Prices
Low Demand
Low prices
6
A price floor will create . . .
None of these
A surplus
A shortage
Equilibrium
7
When both Demand and Supply shift up:
Price is unknown, Quantity up
Price is unknown, Quantity down
Price is up, Quantity is unknown
Price is down, Quantity is unknown
8
When the Equilibrium Quantity goes down . . .
Supply shifted up
Demand shifted up
Supply shifted down
The price stayed the same
9
When the Quantity demanded and the Quantity supplied are the same . . .
Shortage
Equilibrium
Surplus
Disequilibrium
10
Double shifts have one variable (P or Q) that is unclear, assumming you don't know how much the curves shift.
False
True
11
What causes a shortage?
High demand
Low prices
Low supply
High prices
12
Adam Smith said . . .
That competition regulates us, no need for Gov't
That people respond to incentives
That the invisible hand will guide us, not Gov't
All of these
13
The definition of demand is:
Willing to buy
Willing and able to buy
Willing and able to sell
Able to buy
14
The Law of Demand says that when . . .
The price goes up, quantity goes up
The price goes down, quantity goes up
The price goes down, quantity goes down
Price goes up, Demand goes up
15
The definition of supply is:
Willing to sell
None of these
All the stuff available for sale
Willing and able to sell
16
When supply decreases . . .
Buyers are super happy
Suppliers are more willing to sell
None of these
Suppliers have to charge less
17
In a perfectly competitive market . . .
Is not what Adam Smith was talking about
It is also called a monopoly
Buyers always get screwed
Prices determine who gets what
18
When the price rises . . .
Quantity demanded goes up
All of these
Quantity supplied goes down
Quantity demanded goes down

Supply and Demand Concepts Review Flashcards | StudBud