10 Questions
Below is the demand and supply schedules for jelly-filled doughnuts people are willing and able to buy/ producers are willing to sell at various prices.
As prices decrease, what happens to the quantity demanded?
Increases
As prices increase, what happens to the quantity demanded?
Decreases
As prices decrease, what happens to the quantity supplied?
Decreases
As prices increase, what happens to the quantity supplied?
Increases
At what price does quantity demanded equal quantity supplied?
$.40
The price where quantity demanded meets quantity supplied is called
equilibrium
If the price of a doughnut is $.50 will there be a shortage or surplus?
surplus
If the price of a doughnut is $.20 will there be a shortage or surplus?
shortage
Based on the following circumstances, will there be an increase in demand for jelly-filled doughnuts or a decrease in the demand for jelly-filled doughnuts?
The number of consumers increases.
Increase
Based on the following circumstances, will there be an increase in demand for jelly-filled doughnuts or a decrease in the demand for jelly-filled doughnuts?
The consumers’ income decreases
decrease
Analyze the demand and supply schedules of jelly-filled doughnuts to understand how prices affect the quantity demanded and supplied. Identify the trends in demand and supply as prices change. Test your knowledge of microeconomics concepts!
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