Supply and Demand Review

As subsidies are placed on steel, what happens to the equilibrium price and quantity of steel?

Elastic

What happens to equilibrium price when supply diminishes?

What is the equilibrium price?

What is the correct label for this graph?

__ shows the Florida orange market after a hurricane strikes and the income of Floridians increases.

Which of the following equations represents elastic demand?

What is the formula for price elasticity of supply?

What happens to Equilibrium of Coke if the price of Pepsi increases and the cost of sugar (resource) decreases?

Which of the graphs correctly shows a decrease in supply and a decrease in demand?

How big is the surplus at $6?

What is the formula for Elasticity of Demand?

Which of the following correctly labels this graph?

Is demand for a luxury car (e.g. BMW) likely to be elastic or inelastic

___ have inelastic demand since change in price would not change the quantity demanded.

Which of the following shows the demand curve that is more elastic?

Which of the following is a result of both a decrease in demand and supply?

When Qd is greater than Qs, what exists?

The law of demand says that as prices increase, quantity demanded ______.

What is the best way to eliminate a surplus?

Which of the following would result in an equilibrium price increase? (there are actually 2 correct answers!)

Which of the following is a result of an increase in both supply and demand?

When Qs is greater than Qd, what exists?

Which of the graphs correctly shows an increase in supply and a decrease in demand?

If the number of home builders increases at the same time that the number of home buyers increases, then

If there is a decrease in the price of labor at the same time that there in an increase in income, what happens?

Which of the following would be a strong explanation for the graph (or oranges) below?

Which of the following best describes why the demand/supply curves would look like this?

Which of the following shows a more inelastic supply curve?

If both the supply and demand curves increase then

If the price of the Xbox were to decrease, what would happen to the equilibrium of PS (a substitute)

How big is the shortage at $2?

Which of the following correctly matches the graph?

The formula for price elasticity of demand

If the minimum wage were to increase, what would happen to the equilibrium of fast food burgers?

What does elasticity of supply show?

If the price of coffee were to decrease, what would happen to the equilibrium of cream (a complement)?

What happens to equilibrium price when demand increases?

What is shown by the image below?

Products with close substitutes have ______ elastic demand

Is demand for gasoline likely to be elastic or inelastic

This has the greatest influence on the elasticity of supply:

What is the correct label for this graph?

The place where supply meets demand on a graph is the

Which of the following does the graph describe?

At which price would a surplus occur?