Supply and Demand Review

When quantity demanded and quantity supplied meet on a graph, what has been reached?

• Supply and Demand

• Shortage

• Equilibrium

• Change in Demand

Which of the following is not a Factor that Impacts Supply?

• Change quality/availability of natural resource

• Government Regulation

• Change in number of suppliers

• Change in producer Spending Habits

The popular brand Champion put out an ad with a celebrity that isn't favored by many people. As a result, the demand for their clothes have decreased. What will happen to the price and quantity sold of their clothes?

• Price Decrease Quantity Sold Decrease

• Price Increase Quantity Sold Increase

• Price Increase Quantity Sold Decrease

• Price Decrease Quantity Sold Increase

When the Government sets a maximum price for a product, that is known as a what?

• Equilibrium

• Price Floor

• Price Ceiling

• Demand

There has been an increase in the number of Gen Zs that can legally drive. What factor that impacts demand is this?

• Change in Consumer Taste

• Change in Population

• Change in Consumer Income

• Change in availability of substitute Good

Around ASU, many students ride their bike to get around campus. There has been a recent ban on bikes on campus. What will happen to the demand for longboards now?

• Demand will increase

• Demand will decrease

• Demand won't change

There has been an outbreak of mad cow disease in dairy farms. Because of this, many people are eating fish instead of beef. What will happen to the price and quantity sold for fish?

• Price Increase Quantity Sold Decrease

• Price Decrease Quantity Sold Increase

• Price Increase Quantity Sold Increases

• Price Decreases Quantity Sold Decreases

The Federal Government gave people $1200 to help stimulate the economy. What happened to the demand for luxury goods like televisions because of this?

• Demand Increased

• Demand Decreased

• Demand Stayed the Same

When a demand curve shifts to the right on a demand graph, is that an increase or decrease in demand?

• Decrease

• Increase

Xbox 360s are no longer being sold at the same rate they used to be because of a Red Ring of Death. What will happen to the price and quantity sold for Xbox 360s?

• Price Decrease Quantity Sold Decrease

• Price Increase Quantity Sold Increase

• Price Decrease Quantity Sold Increase

• Price Increase Quantity Sold Decrease