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Understanding Demand and Supply Concepts in Economics

Learn about the relationship between price changes and demand, supply curves, and market equilibriums in economics. Improve your economic knowledge with interactive clicker questions.

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Understanding Demand and Supply Concepts in Economics

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  1. 4 Demand and Supply CLICKER QUESTIONS

  2. Checkpoint 4.1 Checkpoint 4.2 Checkpoint 4.3 Question 1 Question 4 Question 7 Question 2 Question 5 Question 8 Question 3 Question 9 Question 6 Question 10

  3. CHECKPOINT 4.1 Question 1 When the price of a cell phone falls and other things remain the same, the quantity of cell phones demanded ________ and the demand for cell phone ______. • is unchanged; increases. • decreases; is unchanged • decrease; decreases • increases; is unchanged • increases; increases

  4. CHECKPOINT 4.1 Question 2 The shift of the demand curve for pizza illustrated in the figure could be the result of • a rise in income if pizza is a normal good. • a fall in the price of fried chicken, a substitute for pizza. • consumers coming to believe that pizza is unhealthy. • the belief that pizza will fall in price next month. • a fall in the price of a pizza

  5. CHECKPOINT 4.1 Question 3 Pizza and tacos are substitutes. If the price of a pizza rises, then _______. • The demand for pizzas decreases and the demand for tacos increases. • The demand for both goods decreases. • The quantity of tacos demanded increases and the quantity of pizza demanded decreases. • The quantity of pizza demanded decreases and the demand for tacos increases. • The demand for each good decreases because both are normal goods.

  6. CHECKPOINT 4.2 Question 4 The quantity supplied of a good, service, or resource is ____ during a specified period and at a specified price. • the amount that people are able to sell • the amount that people are willing to sell • the amount that people are able and willing to sell • the amount that people are willing and able to buy • the amount sold

  7. CHECKPOINT 4.2 Question 5 An increase in the productivity of workers who sew jeans will result in _______. • the quantity of jeans supplied increasing • the supply of jeans increasing • buyers demanding more jeans because they are now more efficiently produced • buyers demanding fewer jeans because their price will fall, which signals lower quality. • some change but the impact on the supply of jeans is impossible to predict.

  8. CHECKPOINT 4.2 Question 6 Suppose the price of leather used to produce shoes increases. The higher price of leather ____ the supply of shoes and the supply curve of shoes ____. • increases; shifts rightward • increases; shifts leftward • decreases; shifts rightward • decreases; shifts leftward • does not change; does not shift

  9. CHECKPOINT 4.3 Question 7 Which of the following statements is correct? A surplus of a good puts downward pressure on the price of the good. A shortage of a good puts upward pressure on the price of the good At the market equilibrium, there’s no surplus or shortage. • i and ii • i and iii • ii and iii • i, ii, and iii • only iii

  10. CHECKPOINT 4.3 Question 8 If the price of lettuce used to produce tacos increases, then the equilibrium price of a taco ____ and the equilibrium quantity of tacos ____. • rises; increases • rises; decreases • falls; increases • falls; decreases • does not change; decreases

  11. CHECKPOINT 4.3 Question 9 When the number of buyers of ceiling fans increases, • quantity of ceiling fans demanded increases and a surplus of ceiling fans occurs. • demand for ceiling fans increases and the price of a ceiling fan rises. • demand for ceiling fans increases and a surplus of ceiling fans occurs. • supply of ceiling fans increases and the price of a ceiling fan doesn’t change. • Both the demand for and supply of ceiling fans increases.

  12. CHECKPOINT 4.3 Question 10 If the supply of milk decreases by 45 cartons, the price of milk ______. • falls to $1.25 a carton • rises to $2.00 carton • rises by 25 cents a carton • falls by 25 cents a carton • doesn’t change The Market for Milk

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