Supply and Demand
Flashcard
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Financial Education
•
University
•
Practice Problem
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Medium
Amy Slakes
Used 1+ times
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16 questions
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1.
FLASHCARD QUESTION
Front
This part of the market determines DEMAND
Back
buyers
2.
FLASHCARD QUESTION
Front
This part of the market determines SUPPLY
Back
sellers
3.
FLASHCARD QUESTION
Front
For the law of demand, as price rises, what happens to quantity demanded?
Back
it goes down
4.
FLASHCARD QUESTION
Front
When quantity supplied and quantity demanded is equal
Back
equilibrium
5.
FLASHCARD QUESTION
Front
What does this curve represent?
Back
demand
6.
FLASHCARD QUESTION
Front
Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change? Options: Prices or availability of substitutes, Prices or availability of complementary goods, Change in the weather or season, Change in the number of buyers
Back
Change in the number of buyers
7.
FLASHCARD QUESTION
Front
Which of the following is likely to increase the demand for peanut butter? Options: Fewer children in the population, News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months., A big increase in the price of jelly., A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
Back
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
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