Supply and Demand
Quiz by Rachel Murat
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19 questions
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- Q1people buy more of a good at a lower pricethe law of supplydemandlaw of demandsupply30s
- Q2Consumer desire, willingness and ability to buy productsdemandlaw of supplylaw of demandsupply30s
- Q3when consumers react to an increase in a good's price by consuming less of that good and more of other goodssubstitution effectcomplementslaw of supplychange in supply30s
- Q4when price goes upthere is no effect on either supply or demanddemand goes downsupply goes downdemand goes up30s
- Q5the price of Monster went up so I bought Red Bull insteadsubstitution effectcomplementslaw of supplychange in supply30s
- Q6I usually by one cookie a day at $1.99this is an example of the law of supplythe price went up to $2.99, so I bought 2 of themSuppliers decided that was too cheapthe price went down to .99, so I bought 2 of them30s
- Q7A good for which higher income increases demandnormal goodssubstitution effectcomplementsinferior goods30s
- Q8Are goods that consumers demand less of when their incomes risenormal goodsinferior goodssubstitution effectcomplements two goods that are bought and used together30s
- Q9The change in consumption resulting from a change in incomeincome effectlaw of supplysubstitution effectcomplements30s
- Q10An increase in supply will cause aa decrease in demandshift to the leftno change in the graphshift to the right30s
- Q11lists, in chart form, price and supplysupply scheduledemand curvedemand schedulesupply curve30s
- Q12technology costs, employee wages and production costs decrease for producerswill cause a decrease in supplywill cause a decrease in demandwill cause an increase in demandwill cause an increase in supply30s
- Q13taxes, employee wages and production costs increase for producerswill cause an increase in supplywill cause an increase in demandwill cause a decrease in demandwill cause a decrease in supply30s
- Q14This could be caused by a(n)decrease in taxes for an employerdecrease in employee wages for an employerincrease in taxes for an employerdecrease in input costs for an employer30s
- Q15This could be caused by a(n)a decrease in employee wagesan increase in taxes for an employeran increase in input costsan increase in employee wages30s
