CANVAS CH 3 TEST REVIEW

When the price of hot dogs decreases, what happens in the market for the complementary good of hot dog buns?

When quantity demanded is less than quantity supplied, price will fall, causing quantity demanded to ________.

If the cost of production of Hula Hoops increases the supply curve will

Price floors create

When quantity demanded is less than quantity supplied, price will

If consumers expect price of a product to be higher in the future, what will happen to the demand for the product today?

If the price of oranges, a substitute for apples, increases, what will happen to the demand for apples?

Economic demand is the amount of a good or service that...

What is the relationship between quantity demanded and supplied at equilibrium?

A price ceiling is a legistlated price that is

The relationship between price and quantity supplied is typically

With elastic demand, the percentage chage in quantity is ________ the percentage change in price.

In the market for cell phones, if supply of cell phones increases what happens to the price and quantity of cell phones?

With inelastic demand, consumers are relatively ________ to changes in prices.

If income decreases and consumers purchase more of a product, the product is considered to be a/an