Econ Unit 2

If a product has no substitutes and is an absolute necessity, it is...

If a product has a demand curve which is closer to horizontal than vertical it is...

The graph represents market supply for wheat... wheat suppliers expect the price of wheat will drop next month...

A product with a 20% change in quantity and a 20% change in price

If a product has a demand curve which is perfectly vertical, it is

If a product has a demand curve which is closer to vertical than horizontal it is...

This term refers to our government taking an action which helps our industry in some way... usually financially.

A product with a 50% change in quantity and a 10% change in price

If a product has many substitutes and is more of a luxury, it is...

The Law of Supply states that Price and Quantity Supplied have a(n) __________ relationship.

If a product has a demand curve which is perfectly horizontal, it is

Gasoline

The graph represents market supply for wheat... wheat suppliers expect the price of wheat will drop next month...

Whenever we decrease price from our point of Equilibrium, we will have a shortage.

The Law of Demand states that Price and Quantity Demanded have a(n) __________ relationship.

Where Supply & Demand intersect and all parties feel like they got a good deal

Tom Cruise's mega yacht

The graph represents market supply for corn... the price of corn goes down...

Nike low tops, Black & White, Size 12, with the black laces, not the white ones...

A product with a 37% change in quantity and a 38% change in price

Ceteris Paribus means "All things remaining constant".

When we are looking at how the change in Price influences the Quantity Demanded, we are looking at...

50% of cars sold in the U.S. may be imported all others must be produced domestically. This is a(n)...

The graph represents market supply for cars... the auto workers' union goes on strike...

Whenever we increase price from our point of Equilibrium, we will have a shortage.

The graph represents consumer demand for cars... the price of cars goes up...

A change in Quantity Supplied also means a change in...

If a product has many substitutes and is an absolute high-end luxury, it is...

The graph represents market supply for watches... watch making components become cheaper...

Insulin for a diabetic

The graph represents consumer demand for beef... the price of chicken goes up...

If a product has few substitutes and is more of a necessity, it is...