If costs to produce an item increase it will

shift the supply curve left decreasing supply

The law of supply states there is a(n)

direct relationship between price and quantity supplied

To have demand for a product or service a consumer needs to

be willing and able to purchase

quantity demanded at each price

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S&D unit 3

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Questions 26

Answers

1
A change in price creates a change in quantity demanded is a
Shift right of the demand curve
Shift left of the demand curve
Shift and movement of the demand curve
Movement on the demand curve
2
What would happen to the supply of pizza if more pizza businesses enter the market
Decrease in demand
Decrease in supply
Increase in supply
Increase in demand
3
If costs to produce an item increase it will
shift the supply curve left increasing supply
shift the supply curve right increasing supply
Shift the supply curve right decreasing supply
shift the supply curve left decreasing supply
4
Price and quantity demanded are inversely related
Substitution effect
Law of demand
Law of Supply
Income effect
5
When determinants of supply change they will cause the supply curve to
move along the curve
create a surplus
create a shortage
shift
6
For sellers to supply a product or service they need
to be willing and able
to be an entrepreneur
to have a customer base
to only have factors of production
7
Buyers are motivated by
supply of goods
price
elastic
quantity
8
The demand curve is always
downward sloping to the right
positively related to price
parallel to the supply curve
Upward sloping to the right
9
Price is always found on which axis
X
demand curve
Equilibrium
Y
10
What would happen to demand if the price of the good doubled
Increase in quantity demanded
Decrease in demand
Decrease in quantity demanded
Increase in demand
11
The law of supply states there is a(n)
no relationship between price and supply
positive relationship between price and demand
inverse relationship between price and supply
direct relationship between price and quantity supplied
12
Suppliers are motivated by
freedom
Profit
making customers happy
providing goods
13
When a determinant of demand changes it will cause the demand curve to
inverse its relationship
flex
have a movement along the curve
shift
14
Changes in determinants of demand will cause a
shift of the supply curve
shift of the demand curve
movement on the supply curve
movement on the demand curve
15
When quantity buyers are willing and able to buy = quantity sellers are willing and able to sell
Substitute
Schedule
Normal good
Equilibrium
16
When demand of a normal good is sensitive to price change
inelastic
elastic
inferior
complement
17
Technology increases in the production of cell phones. This would be a
change in supply
change in quantity supplied
change in demand
change in quantity demanded
18
A change in price creates a change in quantity supplied
True
False
19
To have demand for a product or service a consumer needs to
know the supply of the item
be willing and able to purchase
ask their mother
shop for the best price
20
When goods are inelastic their demand is not impacted by
supply
sellers
buyers
price
21
A change in Price of a good would be
a movement of equilibrium
a shift of the demand curve
a movement on the demand curve
a shift of the supply curve
22
A change in price creates a change in quantity demanded
True
False
23
A change in a determinant of demand causes a change in demand
False
True
24
Changes in determinants of supply will cause a
movement on the demand curve
a shift of the supply curve
a movement on the supply curve
a shift of the demand curve
25
A change in a determinant of supply causes a change in supply
True
False
26
A demand curve shows
the most profitable price
consumers needs
quantity demanded at each price
suppliers efficient supply

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