Unit 2 Test Review Pt.II

How would a tax increase affect the supply curve?

Pizza is found to cause severe weight gain

A minimum price set by the government for a good/service is called what?

What below has an inelastic supply?

There is a drought that kills all the cotton - what supply curve shifter is this?

A new oven was invented - what supply curve shifter is this?

The price of mozzarella cheese, an ingredient in pizza, rises.

When quantity supplied exceeds quantity demanded it is called what?

Which situation would cause the supply curve to shift right?

5 new frozen yogurt shops open in Athens, what is the supply curve shifter?

What does point "Q" represent?

Which below is considered a price ceiling?

Which below is an example of a price floor?

What kind of relationship does the law of supply have?

A maximum price set by the government for a good/service is called what?

What is the point called where supply and demand meets

The government starts a new tax on the pizza industry

Turkey farmers save their product to sell close to Thanksgiving - what supply curve shifter ?

Which below has elastic supply?

"When price goes up, quantity supplied goes up" is what?

Sub sandwiches, a substitute for pizza, have decreased in price by $1.50

The corn industry is subsidized - what supply curve shifter is this?

What does point "p" represent?

The number of pizzerias in Athens has risen

What type of shift does a subsidy cause?

What is the biggest determinant if a good will have an elastic or inelastic supply?

Which situation below would cause the supply curve to move left?

A new tax is placed on fastfood , what supply curve shifter is this?

When quantity demanded is more than quantity supplied it is called what?

What is represented by the point underneath the equilibrium?

What is represented by the space over the equilibrium?

The population of the U.S. has declined by 5%