ECON Unit 2 Review

Which of the following is NOT a Demand Shift Factor that we talked about in class?

When the price of cows increases, Farmer Pete buys fewer cows. What Law is he following?

What is the Equilibrium Price for these curves?

What does the Law of Demand say? (2 answers!)

What is happening on this Demand Curve? (take your time)

On this Supply Schedule, what is the Qs when the Price is $3.50?

Which Demand Curve is showing what happens when Demand increases?

What is Demand doing here?

On this crazy graph, what is happening with Demand?

What has happened to the Equilibrium Price in this situation?

Which curve represents Elastic Demand?

What does the Law of Supply say? (2 answers!)

What is "Equilibrium"?

On this crazy graph, what is happening with the Equilibrium Price?

On this crazy graph, what is happening with Supply?

Which Supply Curve is showing a decrease in Supply?

What is a "Demand Schedule"?

Which of the following is NOT a Supply Shift Factor that we talked about in class?

Elastic or Inelastic: The price rises a lot, but you buy the same amount you normally do.