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Supply & Demand Test
Econ Test 2
| Question | Answer |
|---|---|
| Profit is best defined as | Total revenue minus total production costs |
| Which of the following would be considered a fixed cost? | The amount a baker pays to rent a building |
| The demand for ______ would be inelastic | Surgeries |
| Hot dogs and buns are considered | Complementary goods |
| Demand for which of the following would definitely be considered elastic? | Ice cream |
| When a store puts its goods on sale, it is relying most directly on which of the following principals? | Law of Demand |
| If a demand curve shifts to the right, then you know: | Customers buy more products at the same price |
| Which of the following best describes the point at which producers are supplying the exact amount that consumers demand? | Equilibrium price and quantity |
| The Law of Demand states that as the price of an item increases, the quantity demanded will... | Decrease |
| The Law of Supply states that as the price of an item increases, the quantity supplied will... | Increase |
| If a sudden change in technology makes it faster and cheaper to make a product, this will cause a: | Change in supply, the entire curve will shift right |
| A table showing the quantity demanded at different prices is known as a: | Demand schdule |
| Which of the following would have an inelastic demand? | Antibiotics |
| Consumer income rises by twenty percent | there is a change in demand, the curve shifts right |
| Our class produces pizzas and we purchased a more efficient oven | there is a change in supply, the curve shifts right |
| Consumers expect the price of beef to rise next month | there is a change in demand, the curve shifts right |
| Our class runs a pizza business and after we met with workers we raised their salary by ten percent | there is a change in supply, the curve shifts left |
| How consumers would react to buying peanut butter if the price of jelly went way up | there is a change in demand, the curve shifts left |
| Our class owns a pizza business and the price of cheese is at an all-time high | there is a change in supply, the curve shifts left |
| There is a published study that shows eating beef can add years to your life | there is a change in demand, the curve shifts right |
| The graph below is a | Supply curve |
| The vertical (Y) axis would be labeled | Price of the product |
| The graph below is a | Demand curve |
| The graph below is for | an inelastic good |
| How much are consumers willing to buy at $3 in D(1)? | 16 |
| What is the equilibrium price for D(1) and S(1)? | 7 |
| What is the one reason demand would go from D(1) to D(2)? | Consumer income decreases by ten percent |
| At five dollars, what is the quantity demanded in D(2)? | 8 |
Created by:
migliorej
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