Unit 2 Supply/Demand Review

Which of the following best explains the effect on the market for sugar cane in a hurricane hits the carribean?

When a consumer is able and willing to buy a good or service, he or she creates which of the following?

The equilibrium price and quantity for sugar is $.06 cents and 30 million lbs. What would cause an excess supply?

Annual Income,Desires/Taste/Preferences,Consumer Expectations,Related Goods.......What is the best title for this list?

An increase in the price of bicycles will most likely result in:

If there is a competitive market, price and quantity will always move towards what?

The price of copper rises from $1.65/lb to $3.75/lb. Which scenario is best supported by the law of supply?

When a producer is able and willing to produce a product at current price levels this is called

When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

Assume that people like onions on their burgers. If the supply of burgers decreases, the demand for onions will do what?

New government regulations require all cell phones to have anti-theft devices. What would be the result?

What does it mean when the demand for a product is inelastic?

A local store buys 200 cases of Coke a week and sells them at $6 each. Week 1 they sold 160 cases. What happens next?

"Price of peanut butter increases"___?___"Demand curve for jelly shifts to the left" What should fill the question mark?

"Economists predict record # of 1st time home buyers this year"-How will the market for houses be affected?

The relationship between Q supplied and price is_____ and the relationship between Q demanded and price is _____?

If the price for Xbox1 increases, what would represent the change this would have on the market for the PS4?