Supply and Demand Econ Review

What type of goods are these?

the amount of money a firm receives in the course of doing business

In the market for butter.  The price of margarine goes up

In the market for cement. After a 7.9 earthquake hits San Francisco. (Severe earthquake)

What is the term for the governmental imposed limit below

In the market for windshields. A new law is passed requiring gravel trucks to cover their loads

In the market for Redwood Lumber. Environmentalists urge consumers to boycott redwood products.

What type of curve is this?

The point at which supply and demand meet is referred to as?

In the market for apples. A new pesticide is developed which controls tent caterpillars.

 In the market for gasoline.  Two super-tankerscollide.

In the market for oranges. There is an early frost which destroys much of the crop in Florida. 

In the market for wheat. A drought destroys much of the wheat crop in Kansas and Nebraska

In the market for cigars. A new study shows that smoking cigars results in lots of wrinkles

In the market for paper.  The price of wood pulp increases.(Wood pulp is used to make paper.) 

Measure of the degree to which a good or service changes in response to a change in price

In the market for video rentals. The price of getting cable T.V. goes up. 

 Brad Pitt confides to People Magazine that“he gets a big kick out of his Hula Hoop”.

In the market for Yachts. The average price of stocks market (Nasdaq) (Dow) falls by over 20% 

In the market for gasoline.  Large SUV’s like Suburbans and Expeditions become more popular 

What curve would the list shift?

In the market for umbrellas.  Heavy rain is forecast.

What is the term for the governmental imposed limit below

The quantity of a good or service that producers are willing&able to offer for sale

What type of goods are these?

In the market for U.S. cars.  The U.S. imposes a tariff on Japanese car imports

Illegal market in which goods are traded at prices or quantities higher than those set by law

The quantity of a good or service that consumers are both willing&able to buy at various prices

What curve would the following shift?

a government payment to a supplier of goods or services, designed to help that supplier

What does the image represent?

What Type of Curve is this?

What type of curve is this?

What type of curve is this?