Econ Unit 2

The price of Gatorade increases. What effect does this have on Powerade, a substitute good?

Hot dogs and buns are complementary goods. If the price of hot dogs increases, which is true?

What could be a reason for the shift in the demand curve shown in the picture?

Which of the following is listed on the horizontal axis of a supply/demand graph?

An advance in technology could result in a shift in the supply curve.

This price control is meant to benefit the consumer, but may also cause a shortage.

The pleasure, usefulness, or satisfaction we get from a product or service is referred to as...

Based on the theory of supply, what happens to quantity supplied as price increases?

A price ceiling needs to lie above the equilibrium point to have an effect on the market.

If a price floor is set below the equilibrium price point, it will cause a shortage.

India is considering capping the price per mile for Uber rides. This is an example of what?

"Producers will offer more for sale at a higher price than at a lower price" is known as what?

Identify a curve shift for soda based on the following headline: "Sugar Price Sky High"

Minimum Wage could be characterized as which of the following?

If the price of a product decreases, which of the following would also happen?

"The theory that as more and more units are consumed, additional satisfaction decreases."

The image shows a fairly steep demand curve. How could you describe this product?

A price point below the equilibrium price point would result in what?

At $1, 10 sodas are demanded while 3 are supplied causing what?

Which of the following is NOT a determinant of price elasticity