Supply and Demand Shifters
Quiz by John Martin
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14 questions
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- Q1a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one examplesubstitute goodcomplementary good10s
- Q2a product that satisfies the same basic want as another productsubstitute goodcomplementary good10s
- Q3The demand for most good and services depends on income. If income goes up, then probably more people will be more willing to pay more money for more goods and services.Change in Incomechange in tastes and preferenceschange in consumer expectationschange in consumer expectations30s
- Q4demand shifts as the number of people willing and able to consume a good or service shiftschange in number of consumerschange in consumer epxectationschange in incomechange in producer expectations30s
- Q5demand for a good or service decreases or increases as the tastes of consumers changechange in cost of complementary goodschange in incomechange in cost of substitute goodsChange in tastes and preferences30s
- Q6Future demand changes based on consumers beliefs about future price of a good or serviceChange in consumer expectationschange in cost of inputschange in tastes and preferenceschange in income30s
- Q7Demand may increase or decrease depending on the price and availability of another similar good or serviceChange in price of substitute goodschange in price of complementary goodschange in technologychange in cost of inputs30s
- Q8demand for a good increases or decreases depending on the price and availibity of a good that is used with it (example - hot dogs and hot dog buns)change in the price of substitute goodsChange in the price of complementary goodchange in the number of consumerschange in producer expectations30s
- Q9Supply may increase or decrease if the cost of the factors of production (land, labor, or capital) change.change due to natural disaster or international incidentsChange in the cost of inputschange in producer expectationschange in technology30s
- Q10supply will increase or decrease as the number of consumers for a good or service increases or decreases.change in the number of producerschange in the number of consumerschange in incomechange in consumer tastes and preferences30s
- Q11supply will be affected by disasters (ie blizzards or wildfires) or by a political crisis (such as war or trade boycotts)change in government policyChange in conditions due to natural disasters or international incidentschanges in cost of inputschange in number of consumers30s
- Q12supply will change in response to changes in technology - usually seen as an increase in supply.change in consumer expectationschange in producer expectationschange in technologychange in cost of inputs30s
- Q13supply changes in response to what producers THINK will be the consumer demand for a good or service in the futurechange in incomechange in producer expectationchange in consumer expectationschange in number of consumers30s
- Q14supply will change in response to government decisions such as new laws or regulations.change in producer expectationschange in government policychange from disaster or international inceidentschange in income30s