Demand, Supply, Price Floors/Ceilings

The diagram represents a(n)

• increase in demand

• decrease in demand

• increase in supply

• decrease in supply

Consider the market for cars in Hong Kong. If the price of gasoline (a complement for cars) increases then the

• Demand for cars will increase

• Demand for cars will decrease

• Supply of cars will increase

• Supply of cars will decrease

An decrease in demand for iPhones in HK could be caused by a(n)

• increase in price for Samsung Galaxy
• increase in population in HK
• the price for iPhones is expected to increase next week
• the price of iPhone apps increased

If the price of Frozen Yogurt increased then the demand for ice cream will 

• increase
• decrease

The law of demand states that as the price increases then 

• quantity demanded increases
• quantity demanded decreases
• demand increases
• demand decreases

If Mary used to buy 10 units at $4 each and now buys 15 units when the price is $3, her

• quantity demanded has increased

• quantity demanded has decreased

• supply has increased

• supply has decreased

Which of these shows a decrease in the quantity demanded?

• 
• 
• 
• 

When the quantity demanded for a product or service is higher than the quantity supplied this causes what?

• shortage

• consumer

• surplus

• equilibrium

Which of the following supply curves demonstrates a decrease in the quantity supplied?

• 
• 
• 
• 

Which of the following would not shift the supply curve for iphones?

• 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