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.

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.

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.

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.

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.

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.

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.

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.

Demand and Supply Shifters Flashcards

Student preview

20 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A change in the number of consumers.

Back

Shift in Demand

2.

FLASHCARD QUESTION

Front

A change in the cost of inputs.

Back

Shift in Supply

3.

FLASHCARD QUESTION

Front

A change in producer expectations.

Back

Shift in Supply

4.

FLASHCARD QUESTION

Front

A change in consumer tastes and preferences.

Back

Shift in Demand

5.

FLASHCARD QUESTION

Front

A change in consumer income.

Back

Shift in Demand

6.

FLASHCARD QUESTION

Front

A change in government subsidies.

Back

Shift in Supply

7.

FLASHCARD QUESTION

Front

A major natural disaster occurs.

Back

Shift in Supply

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