Supply and Demand Review

Is a potato supply elastic or supply inelastic?

A price ceiling will result in a ______

The change shown in the graph below is a 

A(n) _____ product will have a relatively small change in demand when the price changes

T or F: A desire to buy a product is the only requirement needed for demand to exist.

If the government loosens its regulations, what change will occur?

Is a pencil supply elastic or supply inelastic?

A change in ________ causes different amounts for sale at ALL prices

a measure of how much quantity supplied changes in response to a change in price

A change in _______ is always a result of a change in price

When demand is greater than supply, a _________ will result

A price ____________ is set below the equilibrium price

If the producer decides to put its product on sale, what change will occur?

The law of supply says that at a higher price, __________ will be offered for sale

When supply is greater than demand, a _________ will result

A price ____________ is set above the equilibrium price

T or F: At market equilibrium the quantity supplied is equal to the quantity demanded.

What does letter E represent in the graph?

Medical care is demand _________

If multiple firms go out of business, what change will occur?

The __________ supply curve shows the quantities offered for sale by ALL firms in the market

replacing a more costly item with a less costly item is an example the ______ effect

Is a car supply elastic or supply inelastic?

Households make their resources available for purchase in the ________

The law of demand states that as price increases, the quantity demanded of a product will _____

Butter and Margarine are considered ___________ products

The change shown in the graph is a ______

If the need for a product is not urgent, the product tends to be demand _________

Households spend their money in the ________

The change shown in this graph is a _____

A government payment to a business 

If a producer willingly raises their price, what change will occur?

Businesses receive their revenue from the ______________

The change shown in the graph below is a 

Mayfield milk is demand _________

A price floor will result in a ______

Minimum wage is an example of a _______

Milk and cereal are examples of __________ products