Unit 3: Supply and Demand

The Law of Supply is that a producer is going to try to charge the _____ price for a good. (Don't think about demand.)

______________________ is the measure of how QD will change with adjustments of price.

The relationship between quantity supplied and price is ______.

Taste and future expectations are factors of ___________.

Which of the following would shift SUPPLY?

A ___________ is money given to producers by the government.

This is a ________________ curve.

This graph is a price _________.

The Law of Demand: As price goes up, quantity demanded goes ______.

If the price of a Chevy Equinox goes down, what will happen to the demand for the GMC Acadia? (They are very similar.)

If it costs a producer LESS to make a good, the supply curve for that good will shift _______________.

If a firm that produces cars goes out of business, the supply curve for automobiles will shift __________.

The relationship between price and quantity demanded is ________.

If consumers expect to get a better deal on a good / service in the future, the demand curve will shift ___.

When the quantity supplied equals the quantity demanded, this is _____.

If the government gives a producer a subsidy, the supply curve will shift _______.

The red line (low to high) is the ______ curve.

Complimentary goods belong ____________.

A good that consumers demand less of as they earn money is called a(n) ____________ good.

This is a _____________ graph.

Fads (a popular good) will shift demand for that good ____________.

A price floor is typically set __________ equilibrium and creates a surplus.

Which of the following would shift DEMAND?

Which is the most likely substitute for a Lamborghini?