Economics Unit 1 Part 2

A new study says vaping causes a second nose to grow out of your cheek. What will happen to the demand for Juul pods?

A market is in this state when the quantity demanded is equal to quantity supplied

Which of the following correctly states the law of demand?

Which of the following is not a demand shifter?

Demand for one good moves in the same direction of the price of the other (Coke and Pepsi)

Price that is set above the equilibrium price

Which of the following correctly states the law of supply?

Which of the following is not a supply shifter?

What is Mr. Patrick Woodman's middle name?

Quantity supplied of a good is greater than the quantity demanded

Willingness and ability of buyers to purchase different quantities of a good

Restrictions on the number of units of an import that can enter a country

Price of a product goes down. The demand curve shifts to the

Price that is set lower than the equilibrium price.

Demand goes down. The demand curve shifts to the

Willingness and ability of sellers to produce and offer to sell different quantities of a good

Quantity demanded of a good is greater than the quantity supplied

The Playstation 5 is released. What will happen to the supply of Playstation 4's?

A drought hits Nebraska and destroys 1/3 of the corn crops. What will happen to the supply of corn?

Demand for one good moves in the opposite direction as price of the other (peanut butter and jelly)

Which of the following is a story featured on CNN10?

Supply goes up. The supply curve shifts to the

Unemployment is at a 10 year low and the economy is booming. What will happen to the overall demand for diamond jewelry?

Monetary payments made by governments for certain actions