Supply and Demand Review

The law of demand states:

Which of the following items would likely have an INELASTIC demand? 

How are prices determined in a (free) market economy? 

The economic concept dealing with consumers’ responsiveness to change in price

What would occur to the supply & demand graph for Fruity Circles if Fruit Loops go up in price?

The prices of related goods like complements and substitutes are connected with 

This image is supply & demand graph for shoes. After the shift in demand, what occurs?

The interaction of supply and demand determines the 

What would occur on a supply & demand graph for yogurt if the gov't increased corporate taxes?

The amount of goods/services that buyers are willing and able to buy is called 

The price of movie tickets has risen from $7 to $9. What is the effect?

What would occur on a supply & demand graph for t-shirts if the price of cotton decreased? 

The quantity demanded of a product is affected by 

T/F When the price of a good is too high for consumers, they look for substitutes 

According to the graph, equilibrium price and quantity are 

The law of supply illustrates a/an __________ relationship

A material needed to make a product

A table that shows quantities supplied at different possible prices 

Which of the following items would likely be considered to have an ELASTIC supply? 

Population increases and decreases impact which of the following? 

Improved technology in production is connected to: 

According to the graph, at a price of $8 dollars would there a shortage or surplus? 

The price of inputs in the creation of a product is tied to: 

In a market economy, who sets prices?

If national incomes dropped, what would happen to the supply or demand for Starbucks coffee?

Consumer incomes are connected with which of the following: 

True/False The United States has a mixed economy 

According to the law of supply, low prices prompt producers to 

The demand for firewood increases as the winter approaches. This is due to which determinant? 

What is a determinant of demand?

What is occurring in the following supply and demand graph? 

When the selling price of a good goes up, what is the relationship to the quantity supplied?

Which scenario for ice tea would cause the shift seen in the graph below? 

The law of demand illustrates a/an ____________ relationship. 

What is it called with producers are not sensitive to changes in price for their product? 

A government set maximum price that can be charged for goods/services

The law of demand implies that demand curves 

Rent controls are an example of 

A situation in which quantity supplied is greater than quantity demanded at current price

Diminishing marginal utility refers to the fact that