Unit 2 - Microeconomics

If there is a surplus...

Immigration increases significantly this year. How does this affect the market for laptops?

The price of microchips decreases. How does this affect the market for computers?

An increase in the price of a good with an inelastic demand would...

How would a new fast food restaurant opening affect the market for fast food?

Income increases. How would this impact the market for used cars?

An increase in the price of the good with an elastic demand would...

A new machine is made that produces hats at half price. What happens in the market for hats?

Peanut butter and jelly are...

Government increases subsidies to corn farmers. How does this affect the market for corn?

If quantity demanded exceeds quantity supplied, there is a...

When price is above the equilibrium price, there is a...

The direct relationship between price and quantity is called the...

It is determined chocolate is good for you. How will this affect the market for chocolate?

The government starts taxing car producers. How does this affect the market for cars?

A decrease in demand shifts the curve...

Which good would have an elastic demand curve?

Quantity supplied is 100, and quantity demanded is 50

An increase in supply shifts the curve...

The price of chicken increases dramatically. How does this impact the market for turkey?

The inverse relationship between price and quantity is called the...

Which of the following would have an inelastic demand curve?

Consumers expect price of dogs to fall in the future. How does this affect the market for dogs?

The price of milk increases. How does this affect the market for cereal?

For inferior goods...

Government raises minimum wage. How does this affect the market for Wendy's chicken nuggets?

Which of the following will not shift the demand for hamburgers?