The price of bananas increase dramatically. How will this affect the demand side of market for bananas?

Demand will remain the same, but quantity demanded will decrease.

Demand will remain the same, but quantity demanded will increase.

The price of coffee beans decreases significantly. How will this impact the supply side of the market for coffee beans?

Supply will not change, but quantity supplied will decrease.

Supply will not change, but quantity supplied will increase.

The cost of inputs for a product increases. How will this affect the market price and quantity for that product?

Price will increase, quantity will decrease.

Price will decrease, quantity will increase.

Price and quantity will both increase.

Price and quantity will both decrease.

The number of consumers for a product increases significantly. How will this affect the market price and quantity for that product?

Price and quantity will both increase.

Price will decrease, quantity will increase.

Price will increase, quantity will decrease.

Price and quantity will both decrease.

A product that had been popular is rapidly becoming less popular, as consumer tastes begin to change. How will this affect the market price and quantity for that product?

Price and quantity will both decrease.

Price will decrease, quantity will increase.

Price and quantity will both increase.

Price will increase, quantity will decrease.

The government finally removes a massive excise tax on a popular product, after an election changed the party in power. How will this affect the market price and quantity for that product?

Price will decrease, quantity will increase.

Price and quantity will both increase.

Price will increase, quantity will decrease.

Price and quantity will both decrease.

In an attempt to make sure that poor Americans can also afford smart phones, the government imposes a price ceiling below the equilibrium price, prohibiting retailers from selling them above that price. How will this policy likely impact the smart phone market?

It will create a shortage in the smart phone market, leaving many would-be smart phone buyers unable to find one for sale.

It will greatly promote smart phone equity, ensuring that all Americans are now able enjoy this luxury.

It will greatly increase profits for cell phone manufacturers.

It will create a surplus of cheap, unsold smart phones.

In an attempt to appease the Wagon Wheel Manufacturer's lobby, that is concerned about declining sales and thus declining profits, the government imposes a price floor above the equilibrium price for wagon wheels, prohibiting retailers from selling them at prices below the floor. How will this policy likely impact the market for wagon wheels?

There will be a surplus of unsold wagon wheels, and the industry will continue to decline.

Wagon wheel profits will boom, revitalizing the market for them.

This policy will encourage more people to start wagon wheel producing businesses.

There will be a shortage of wagon wheels, as the price increase will create a false sense of scarcity among consumers.

Demand and Supply Shifters

Authored by Sylvia Findlay

Social Studies

11th Grade

Used 3+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in the number of consumers.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in the cost of inputs.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in producer expectations.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in consumer tastes and preferences.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in consumer income.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in government subsidies.

Shift in Supply

Shift in Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A major natural disaster occurs.

Shift in Supply

Shift in Demand

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Demand and Supply Shifters

A change in the number of consumers.

A change in the cost of inputs.

A change in producer expectations.

A change in consumer tastes and preferences.

A change in consumer income.

A change in government subsidies.

A major natural disaster occurs.

An improvement in manufacturing technology.

A change in the price of substitute goods.

A change in consumer expectations.

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