Unit 2 Supply and Demand

What does the Law of Supply state?

What is the Primary Factor Law of Demand Describes?

If P1 = $20 and Q3 = 50 blouses, which of the following describes the situation when the market price is $10?

Which of the following would cause a rightward shift of the supply curve?

If the local Jeep dealership sells out of Jrunks or Treeps (Jeep Trucks), what do you expect to happen?

What is the Market Situation if the Market Price is P1?

As more Baby Boomers are retiring, what do you expect to happen to the market for health care services?

The point at which the supply and demand curve intersect is called what?

Which of the following would cause the shoe market to change as represented in the graph?

Which of the following would cause the shoe market to change as represented in the graph?

In a competitive market, if the current price is above the equilibrium price, what will occur?

If P1 = $20 and Q3 = 50 blouses, which of the following could correctly by P2 and Q2

Which of the following would cause the shoe market to change as represented in the graph?

When two sandwich shops close in town, what happened to the market for sandwiches?

Which of the following is NOT a factor to cause a shift in the demand curve?

If the supply of a good increases while Demand remains the same, what happens to Equilibrium Price and Quantity?

Which of the following would likely cause a rightward shift of the supply curve?

Which of the following would cause a leftward shift of the demand curve?

If the FDA reports there is E-Coli in the GROUND BEEF in the market, what would you expect to happen to CHICKEN?

If both supply and demand increase simultaneously, which of the following is certain?