Econ - Unit 2 Part 1

Skiers go to a town and business booms. What factor is affecting demand?

You own a bakery that supplies cheesecakes. Which is most likely to increase supply quickly?

A surplus happens when

Price goes up for one good so you decide to purchase a different good.

Which of the following describes a demand curve?

As sales of digital cameras increase, so do sales of printers. What factor is affecting demand?

Manufacturer has a surplus of two shirts priced at $14 each and a shortage on two shirts at $10

According to the law of supply, when price decrease

Dylan's family buys next years winter clothes in June. What factor affects their demand? 

When demand is elastic how does the % change in QD compare to % change in price?  

What does elasticity of demand measure?

What two factors are necessary for demand?

Govt taxes reduce supply by

An actress wears camo and fans go crazy. What factor is affecting demand?

What does an inelastic demand curve look like?

What term defined as goods that consumers demand more of when their incomes rises

A shortage of a particular good is often a signal for a producer to 

What do the different points on a demand curve represent? 

When producers supply more, equilibrium price will

According to the law of demand, what will happen when prices go down?

Producer supplies 25 pizzas, market equilibrium is reached when consumers demand

What are products the consumers demand less of when their incomes rise? 

Many US consumers switched to wireless phones. What factor is affecting demand? 

Which statement shows income as a factor affecting demand?

On a demand and supply graph, an increase in demand causes the demand curve to 

A baseball team limiting the amount charged for buying a ticket is 

Demand can be changed by

Factory closes,consumer spending in town drops. What factor is affecting demand?

How does a business calculate total profit?

The demand curve is plotted by using a product's

When you're hungry the most satisfaction is the first apple. What explains this? 

A surplus of a particular good is often a signal for a consumer to