Supply and Demand
Flashcard
•
12th Grade
•
Practice Problem
•
Medium
Clayton Cumiskey
Used 1+ times
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50 questions
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1.
FLASHCARD QUESTION
Front
This part of the market determines SUPPLY
Back
sellers
2.
FLASHCARD QUESTION
Front
The Law of Supply states:
Back
as price increases, supply increases
3.
FLASHCARD QUESTION
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
4.
FLASHCARD QUESTION
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
5.
FLASHCARD QUESTION
Front
The movement from Point A to Point B represents a(n)
Back
decrease in the quantity supplied.
6.
FLASHCARD QUESTION
Front
According to the law of supply, as a good's price rises
Back
quantity supplied increases.
7.
FLASHCARD QUESTION
Front
Which letter shows the equilibrium?
Back
C
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