Unit 2 Supply and Demand

How many market equilibriums may exist on a supply and demand graph?

What is the quantity of books at equilibrium?

Who or what creates price floors or price ceilings in a market?

People prefer Nike over Adidas. What movement would we expect to see from the demand curve of Nike

If the government creates a price ceiling, they must make sure their price ceiling is below…

When the government creates a surplus, they have also created a…

Which of these is not an determinant of demand

The elasticity value of a product is less than 1, we know people will…

What is the price of books at equilibrium?

The elasticity value of a product is greater than 1, we know people will…

The price of cokes goes up and the pepsi remains the same: the sales of Pepsi goes up

If the government creates a price floor at $8, what is the quantity demanded?

If consumers believe that prices will increase, what will be the effect on demand TODAY?

According to the Law of Supply, what is the relationship between price and quantity supplied?

What do we call the reasons for shifting the demand curve?

According to the Law of Demand, what is the relationship between price and quantity demanded?

The reasons for shifting the demand curve are known as…

How do you calculate revenue

Price floors always create

Elasticity looks at people’s reaction to…

When looking at demand, we are looking at the behavior of the…

What is the total revenue for books at equilibrium?

Price ceilings always create

The chart to the right is an example of a…

The point at which the demand curve and the supply curve overlap is known as…

When the government creates a price ceiling, they have also created a…

Which of the following is NOT a determinant of demand?

Which of these does not affect the law of demand?

What does the law of demand state?

Which of the following is not a type of elasticity?