Supply and Demand Test Review

Front

Price causes Supply to shift

Back

False

Front

An increase in input cost will create an increase in my supply.

Back

False

Front

Fixed cost is what a business pays even if they produce nothing.

Back

True

Front

Is minimum wage an example of a price ceiling?

Back

False

Front

Technology changes influence which curve?

Back

Supply

Front

A shift in price causes the supply curve to

Back

no shift

Front

A small change in price will result in a large change in quantity describes which type of curve?

Back

Elastic

Front

What will cause demand to shift negatively? Options: Income amounts double, Urban population booms, A negative ad comes out about a product, Taxes decrease.

Back

A negative ad comes out about a product.

Front

A shortage occurs when

Back

Quantity Supplied is less than Quantity Demanded

Front

Price controls and Minimum wage are examples of

Back

the government taking the economy out of equilibrium