Supply and Demand Review

The point at which supply and demand meet can be used to determine ____.

A consequence of price ceilings is that they can create ___.

A higher change in price will lead to a change in the ____.

The government establishes $3 as the highest possible price that can be charged for gasoline.

What two factors determine market clearing price?

The graph below illustrates which concept best?

Price floors on a graph will appear ___ the equilibrium price.

The Law of Supply says, the higher the price the ___ that producers are willing to supply.

According to ____, the higher the price, the less that consumers are willing to buy.

In Harmony, ten stores close down. What impact does this have on supply?

CrunchyO's price rises higher than Cheerios (a substitute).

What is the consequence of a price floor?

The price of t-shirts rises. How will this affect demand?

If more people move into an area, this could cause a ___ of the demand curve.

The lowest possible price that can be legally charged is called ___.

The price of hamburgers goes down. This means that ___ hamburger buns will be bought.

Who is involved in determining the demand of a product?

The blue line represents?

The reason a price floor creates a surplus is because ___ is supplied than demanded.

According to the Law of Demand, if prices decrease, consumers will ___.

On a graph, a price ceiling is best represented by a line ____ the equilibrium point.