i Lecture 13 & 14- Demand/Supply

If the price of chicken increases, what will happen to the demand for chicken?

If the price of chicken increases, what will happen to the demand for ground beef?

Higher taxes raise a company's costs of production, shifting the supply curve "up and left".

When producers adopt new technologies, unit costs of production typically _____, pushing the supply curve _____.

If gasoline is very expensive, people will buy fewer cars, and those cars will tend to be smaller.

If the PRICE of a good changes, we move along the demand curve; if a determinant of demand changes, we shift the curve.

People buy more plywood if they're expecting a hurricane. Is this a change in demand or quantity demanded for plywood?

If the price of oil rises, the supply curve for airline tickets will shift "down and right."

Which factor drove demand for Michael Jackson items up after the King of Pop's untimely death in 2009?

Demand slopes down--people buy more of a good when its price is lower. This is true for all goods except "necessities"

Bacon cheeseburgers went on sale, so Watts bought more than usual. Is this a change in demand or quantity demanded?

Which of these is an acronym?

Marginal costs of production usually rise in the short run due to "diminishing marginal product."

What happens to the supply of a product when its price increases?

What happens to the supply of potatoes if more farmers in the Midwest decide to plant potatoes this year?

"Supply and demand" is a graph of MV theory: a good's value is based on its least important use, given its availability.

The area between the demand curve and the price of the good is known as:

Supply curves usually slope _____ due to ________