Outcome if the price of burritos in Colemanville drops from 7 to 4.

A quantity of 400 additional burritos will be demanded.

What outcome for hot dogs and hot dog buns is most likely based on the information: "The 4th of July is here and Grocery Mart is having a sale on All Beef Hot Dogs! The regular price for a package of All Beef Hot Dogs is $5, but the sale price is $2.50!!"?

The quantity demanded of hot dogs increases, and the demand for hot dog buns increases.

If the price of the good represented by the graph increased from 5 to 10, what happens to demand and supply?

The quantity demanded would decrease, and the quantity supplied would increase.

Using the supply and demand curve, what happens when the price decreases from $$3.50 (P1)$$ to $$1.60 (P2)$$ ?

The quantity of supply decreases.

What could the government do if the price of natural gas rises to a level where most homeowners cannot afford to heat their homes?

The government should set a maximum price natural gas can be sold, creating a price ceiling.

Why is minimum wage above equilibrium?

Minimum wage is a price floor with a surplus of job seekers.

Use the graph to answer the following: As the supply shifts from S1 to S2, what can be inferred about the quantity demanded?

The quantity demanded will not be affected.

How will a significant summer drought affecting the corn crop in states like Iowa, Nebraska, and Illinois likely affect the overall price of goods?

The drought and damage to the corn market will likely have a great effect on the overall price of goods, as corn is used as a component for many goods produced and sold in the United States.

Concerns about the environment prompt Congress to pass a $1 surcharge tax on each gallon of gasoline. Which statement best describes the impact of such a tax?

Production and shipping costs would increase, thus increasing the cost of consumer goods and services. These higher costs could likely lead to slowing economic growth.

What is an unintended consequence when the government sets a price ceiling on rental apartments?

Because prices are set below market clearing price, suppliers will rent fewer apartments causing a housing shortage.

What is the likely effect on the market if the government sets a price floor above the equilibrium price?

There will be a surplus because suppliers will produce more than consumers are willing to buy at the higher price.

What happens to the equilibrium price if there is an increase in both supply and demand?

The effect on equilibrium price is indeterminate without knowing the magnitude of the shifts, but the equilibrium quantity will increase.

How does a decrease in the price of a complementary good affect the demand for the related good?

The demand for the related good increases because consumers are more likely to buy both goods together.

Supply and Demand Test '25 Flashcards

Student preview

29 questions

Show all answers

1.

FLASHCARD QUESTION

Front

According to the law of supply, the higher the price...

Back

The higher the quantity supplied will be.

2.

FLASHCARD QUESTION

Front

As more producers enter a market, what will happen to the supply in the market?

Back

Increase

3.

FLASHCARD QUESTION

Front

The law of demand states that the price and quantity demanded are...

Back

Inverse

4.

FLASHCARD QUESTION

Front

What incentive do manufacturers have to sell their products in the U.S.?

Back

Profit

5.

FLASHCARD QUESTION

Front

What is an example of a price floor?

Back

Minimum wage

6.

FLASHCARD QUESTION

Front

Which of the following is not a determinant of supply? Price, Competition, Technology, Price of resources

Back

Price

7.

FLASHCARD QUESTION

Front

If the price of chicken increased, the demand for beef, a substitute for chicken, would likely...

Back

Increase

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