Supply and Demand

Front

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

Back

Front

This part of the market determines SUPPLY

Back

sellers

Front

The Law of Supply states:

Back

as price increases, supply increases

Front

Which of the following would not shift the supply curve for iPhones? Options: an increase in the price of iPhones, a decrease in the number of sellers of iPhone, an increase in the price of plastic, an input into the production of iPhones, an improvement in the technology used to produce iPhones

Back

an increase in the price of iPhones

Front

Graph shows which of the following?

Back

a decrease in quantity demanded and a decrease in supply (shift)

Front

Which headline could indicate a shift in the apple market? Pesticides on apples linked to mouth cancer., Storms destroy apple orchards., An apple a day really does keep the doctor away., New genetic strain leads to apple trees that produce twice as many apples.

Back

Storms destroy apple orchards.

Front

Which of the following is NOT a determinant of the supply of peanut butter?

• The price of peanuts
• The wages of peanut butter factory workers
• The income of peanut butter consumers
• Existing peanut butter making technology

Back

The income of peanut butter consumers

Front

What will cause an increase in demand for snowboards? Options: More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population.

Back

A decrease in the price of lift tickets at resorts in Colorado.

Front

What happens to the market for gasoline if drilling is allowed in the Alaskan Arctic Preserve?

Back

Supply for gasoline will increase

Front

When price increases, quantity supplied

Back

increases