Unit 2 Final Questions- Supply and Demand

Emma owns a chocolate factory and the cost of sugar increases. What will happen?

• Quantity supplied will decrease

• Equilibrium Price will increase

• Demand will increase

• Equilibrium price will decrease

Brayden owns a street wear brand that was just featured in a story in Forbes magazine. This will lead to

• an increase in quantity demanded

• an increase in quantity supplied

• a decrease in demand

• a decrease in supply

Five new pizza restaurants open in Folsom. All of the following will happen except

• Quantity demanded will increase

• Equilibrium quantity will increase

• Price will increase

• Equilibrium price will decrease

Dylan owns a miniature golf business, a popular date spot in town. Wages decrease for 10th month in a row due to business closures in the area. What will happen to the Supply?

• Increase in Quantity supplied

• Decrease in Supply

• No change in Quantity Supplied

• No change in Supply

All of the following are represented in TIPEN except

• Taste

• Income of consumers

• Price of related goods

• Number of Sellers

All of the following are examples of NCPET except

• Number of Sellers

• Cost of Production

• Expectations of Consumers

• Taxes, regulations and subsidies

Price Floors lead to

• price above the equilibrium price

• price below the equilibrium price

• a shortage

• pure equilibrium between supply and demand

Price Ceilings lead to

• Price above the equilibrium price

• shortages

• Pure equilibrium between supply and demand

• Price Floors

Soda is an example of

• an elastic good

• an inelastic good

• a luxury

• inelastic supply

Insulin is an example of

• an elastic good

• an inelastic good

• a want

• inelastic supply