Unit 2: Supply, Demand, Price

This graph shows which of the following changes?

Prices perform the allocation function well because of all of the following EXCEPT

What is it called when a consumer replaces a costly item with a less costly one?

What is shown on this graph?

When does market equilibrium (market clearing price) occur?

What would cause this change on the graph?

What label should go in place #5 of the circular flow chart?

What label should go in place #1 of the circular flow chart?

What could have caused the movement on this graph?

What graph shows the market for cars if the zombie apocalypse occurs

In a market economy, a low price is a signal for 

What label should go in place #3 of the circular flow chart?

According to this demand curve, how many movies will be demanded at a price of $10?

What happens to the market for grapes if a new machine picks grapes faster?

What graph shows what happens to the market for butter if the price of margarine goes up?

What happens to a product when the price of a complementary good increases?

For most products, an increased price results in

Which of the following are complements?

A surplus occurs when

When a small price increase has little or no effect on the demand for a product, the product is

What happens to the equilibrium price and quantity with the changes in this graph?

Which graph shows what would happen to the market for wheat if a drought destroys most crops?

What is the result of a price being set at the level in the graph?

Which of the following is NOT one of the three determinants of demand elasticity?