Supply and Demand Shifters

Front

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Back

Change in cost of production

Front

Graph shows which of the following? Options: a decrease in demand (shift) and a decrease in quantity supplied, a decrease in demand (shift) and a decrease in supply, a decrease in quantity demanded and a decrease in quantity supplied, a decrease in quantity demanded and a decrease in supply (shift)

Back

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

Front

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the 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

Which of the following 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 does a “surplus” (extra amount) of goods in a market imply?

Back

Prices are too high

Front

What happens to the market for gasoline as Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer?

Back

Demand for gasoline will increase

Front

In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?

Back

Supply for gasoline will increase

Front

Which of the following defines "Complementary Goods?"

Back

Goods that are commonly used with other goods

Front

If only the price for a good or service changes, does the demand curve shift? Why or why not?

Back

No, Because price does not shift the curve. Price stays on the line