L04 Supply and Demand part 2
Presentation
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Social Studies
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University
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Practice Problem
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Medium
Rachel Shafer
Used 2+ times
FREE Resource
41 Slides • 10 Questions
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Multiple Choice
When "everyone realizes that sardines are super gross", what happens in the market for sardines?
Demand shifts to the left
Demand shifts to the right
Supply shifts to the left
Supply shifts to the right
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Multiple Choice
Assume you like Pepsi and your income increases
Your demand for Pepsi increases
Your demand for Pepsi decreases
Your quantity demanded of Pepsi increases, but your demand curve is unchanged.
Your quantity demand for Pepsi decreases, but your demand curve is unchanged.
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Multiple Choice
Assume the price of Pepsi decreases
The demand for Pepsi decreases
The demand for Pepsi decreases
The quantity demanded of Pepsi increases
The quantity demanded of Pepsi decreases
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Multiple Choice
Assume the price of Coke decreases
The demand for Pepsi increases
The demand for Pepsi decreases
The quantity demanded of Pepsi increases
The quantity demanded of Pepsi decreases
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Multiple Choice
Suppose the price of good X increases. In terms of demand, what is the result?
The demand for X increases
The demand for X decreases
The quantity demanded of X increases
The quantity demanded of X decreases
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Multiple Choice
Suppose goods X and Y are substitutes for each other. If the price of good Y increases, what is the result in the market for good X?
The demand for X increases
The demand for X decreases
The quantity demanded of X increases
The quantity demanded of X decreases
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Multiple Choice
Assume the price of cheese decreases. What will happen in the pizza market?
The supply of pizza increases
The supply of pizza decreases
The quantity supplied of pizza increases
The quantity supplied of pizza decreases
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Multiple Choice
Which of the following will cause the supply curve for oranges to shift to the left?
The government begins subsidizing orange growers
A study is released showing oranges improve eyesight
An ice storm strikes Florida (damaging areas where oranges are grown)
A new orange juice commercial airs on TV
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Multiple Choice
Suppose there is a shortage in the market for avocados. Assuming a competitive and unrestrained market, what happens over time?
The price of avocados will fall, and the shortage will worsen.
The price of avocados will rise, and the market will eventually reach equilibrium.
The price of avocados will rise, and a large surplus will be created.
Producers will stop growing avocados.
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Multiple Choice
Consider the market for bananas. Suppose that both the supply of and demand for bananas increases simultaneously. Which of these effects is certain?
The equilibrium price of bananas will increase
The equilibrium price of bananas will decrease
The equilibrium quantity of bananas will increase
The equilibrium quantity of bananas will decrease.
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