ECON 102 ACTUAL EXAM QUESTIONS
AND COMPLETE STUDY GUIDE 2026
▶ How does Population Size determine demand?. Answer: The higher the
population the more demand there will be for goods and the lower the
population the less demand. Higher Pop^D^ vice versa.
▶ How do Changes in expectations determine demand?. Answer:
Consumer expectations will affect what they demand ie. having a baby,
weather, economic forecasts, price changes in the future.
▶ What kind of relationship does supply and price have?. Answer: Direct
relationship
S'up with supply
The supply chart doesn't look exactly like this but paying for quizlet isn't
worth using my own images lol.
Price Increases=Supply Increases= shift right
Price Decreases Supply Decreases= shift left
▶ Supply. Answer: The seller's or producer's side of the market, the ability
and willingness to produce and sell a good or service.
▶ Supply schedule. Answer: Price Quantity Supplied (Qs)
10 15
7 10
55
21
▶ When is quantity supplied?. Answer: The amount supplied at a
particular time and price.
▶ What determines supply?. Answer: Prices of Resources
Technology
, Short Run
Long Run
Government Action
Natural Effects
Number of Sellers in the Market
Changes in Expectations
Changes in the Prices of Related Goods
Piper Told Sally Long (that) Gangly Narwhals Never Change Clothes
idk i couldn't think of a better one
▶ How do prices of resources determine supply?. Answer: - How much it
costs to produce something will affect how much can be supplied. Ex) If the
price of chocolate chips increase the supply of chocolate chip cookies will
decrease.
▶ How does technology determine supply?. Answer: - The better
technology that is available- the more can be produced and vice versa. Ex)
If a car company introduces new technology and cutting edge artificial
intelligence they will be able to produce more cars.
▶ How does short/long run determine supply?. Answer: Short run- Some
things can be produced in the short run but not the long run. Ex) We
currently have water availability in CO but if populations continue to
increase CO may not have enough water in the long run.
Long run- Some things can be produced in the long run but not the short
run. Ex) If you plant apple seeds today you won't have apples in the short
run but you will in the long run.
▶ How does government action determine supply?. Answer: Missed alot-
The role of government can affect what is being produced as well as how
much is being produced ie. Laws Ex) If the government outlaws red cars,
there won't be red cars supplied.
Subsidies- The government gives money to produce or not produce certain
products. Incentives to keep people in the market. Ex) The government will
pay corn farmers not to farm corn to keep the prices higher and stable but
the supply will be lower. (Protectionism)
AND COMPLETE STUDY GUIDE 2026
▶ How does Population Size determine demand?. Answer: The higher the
population the more demand there will be for goods and the lower the
population the less demand. Higher Pop^D^ vice versa.
▶ How do Changes in expectations determine demand?. Answer:
Consumer expectations will affect what they demand ie. having a baby,
weather, economic forecasts, price changes in the future.
▶ What kind of relationship does supply and price have?. Answer: Direct
relationship
S'up with supply
The supply chart doesn't look exactly like this but paying for quizlet isn't
worth using my own images lol.
Price Increases=Supply Increases= shift right
Price Decreases Supply Decreases= shift left
▶ Supply. Answer: The seller's or producer's side of the market, the ability
and willingness to produce and sell a good or service.
▶ Supply schedule. Answer: Price Quantity Supplied (Qs)
10 15
7 10
55
21
▶ When is quantity supplied?. Answer: The amount supplied at a
particular time and price.
▶ What determines supply?. Answer: Prices of Resources
Technology
, Short Run
Long Run
Government Action
Natural Effects
Number of Sellers in the Market
Changes in Expectations
Changes in the Prices of Related Goods
Piper Told Sally Long (that) Gangly Narwhals Never Change Clothes
idk i couldn't think of a better one
▶ How do prices of resources determine supply?. Answer: - How much it
costs to produce something will affect how much can be supplied. Ex) If the
price of chocolate chips increase the supply of chocolate chip cookies will
decrease.
▶ How does technology determine supply?. Answer: - The better
technology that is available- the more can be produced and vice versa. Ex)
If a car company introduces new technology and cutting edge artificial
intelligence they will be able to produce more cars.
▶ How does short/long run determine supply?. Answer: Short run- Some
things can be produced in the short run but not the long run. Ex) We
currently have water availability in CO but if populations continue to
increase CO may not have enough water in the long run.
Long run- Some things can be produced in the long run but not the short
run. Ex) If you plant apple seeds today you won't have apples in the short
run but you will in the long run.
▶ How does government action determine supply?. Answer: Missed alot-
The role of government can affect what is being produced as well as how
much is being produced ie. Laws Ex) If the government outlaws red cars,
there won't be red cars supplied.
Subsidies- The government gives money to produce or not produce certain
products. Incentives to keep people in the market. Ex) The government will
pay corn farmers not to farm corn to keep the prices higher and stable but
the supply will be lower. (Protectionism)
