Econ Unit 2 Review

Price and Quantity Supplied have a(n) _______ relationship

Which of the following causes a change in DEMAND?

Term for a cash payment from the government aimed at helping a producer to continue to operate

The amount of a good or service that consumers are willing and able to buy at a specific price.

Which of the following curves does the image represent?

The amount of a good or service that producers are willing and able to sell @ a specific price.

States that there is an INVERSE relationship between price and quantity.

Which of the following causes a change in DEMAND?

Which of the following causes a change in SUPPLY?

Which of the following curves does the image represent?

States that there is a DIRECT relationship between price and quantity.

Which of the following causes a change in SUPPLY?

The different quantities of a good that sellers are willing and able to sell @ different prices

Price and Quantity Demanded have a(n) _______ relationship

Term for products that are consumed or bought together.

The different quantities of a good that consumers are willing and able to buy@ different prices

A term for when two different goods can replace each other to satisfy the same want.