Supply and Demand Flashcard

Front

Does demand for the car exist if Jeremy and other customers are not willing to pay the price being asked?

Back

No, because consumers are not willing to pay the price being asked for this car.

Front

When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of: supply, demand, cost of production, standardization

Back

supply

Front

Applying the law of supply and demand, what do you expect to happen to the price and supply of large-screen televisions as sales increase each month?

Back

The price will increase, and supply will increase.

Front

A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?

Back

Buyer's

Front

Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando's product is:
Options: competitive, elastic, Constant, inelastic

Back

elastic

Front

Demand for a good is more likely to be elastic when the good is: Imported, a luxury, a necessity, inexpensive.

Back

a luxury

Front

Which of the following describes inelastic demand:

• Limited to luxury goods
• Fluctuating
• Not affected by price change
• Variable

Back

Not affected by price change

Front

Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?

Back

Inelastic

Front

Most businesses strive to supply goods and services in direct proportion to:
- cost of production
- supply
- demand
- standard of living

Back

Demand

Front

Which factor affecting supply led to Don closing his grocery store after big box stores moved into the area?

Back

Number of producers