Supply and Demand

Front

What will happen to the price of Smencils on Amazon Prime if there are only a few packs left and they are very popular?

Back

The price will go up.

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What will happen to the price of watermelons if farmers in California have produced the largest crop in years?

Back

The price will go down.

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

What will happen to the price of pumpkins on the day after Halloween?

Back

The price will go down.

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, 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? 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 as Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer?

Back

Demand for gasoline will increase

Front

What happens to the market for gasoline due to Americans cutting back on family vacation road trips?

Back

Demand for gasoline will decrease

Front

Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?

Back

Supply for gasoline will decrease