Microeconomics Quiz 3

Who creates the demand curve?

• Companies

• Consumers

• Some fellow named Alfred

Who creates the supply curve?

• Consumers

• Companies

• The cashier at 7/11

What won't cause prices to rise?

• A drop in supply

• An increase in supply

• An increase in demand

• A huge increase in demand

What will affect the demand for lemonade in Palo Alto?

• # of lemonade producers

• Temperature in Palo Alto

• The last name of King Tut

• Temperature in China

When is it ok to be late to Microeconomics class?

• When you've confused supply with demand.

• When your parents don't meet your demand for cookies.

• When nobody supplied you with a ride.

• It's never ok to be late to Microeconomics class.

John has 12 oranges. Dave has 13 oranges. What's the supply of oranges?

• 12

• 13

• 25

• Not enough information to know

Which statement is true about Demand and Quantity Demanded

• An increase in supply impacts both Demand and Quantity Demanded

• An increase in supply impacts Demand, but not Quantity Demanded

• An increase in supply impaces Quantity demanded, but not Demand

• An increase in supply impacts neither Quantity demanded, nor Demand

• I demand an answer!

McDonalds sells Big Macs for $2. Yesterday you were willing to buy 5 at that price. Today you are only willing to buy 3. What happened?

• McD's supply decreased

• McD's demand decreased

• Your demand increased

• Your demand decreased

• Nothing happened

If there is a decrease in supply of Coca-cola, which of the following happens?

• The demand increases

• The quantity demanded increases

• Both the demand and quantity demanded increase

What happened to the supply and demand of face masks over the past year?

• Supply is Up, Demand is Up

• Supply is Down, Demand is Up

• Supply is Up, Demand is Down

• Supply is Down, Demand is Down