Supply & Demand 2B

If green bean manufactures kept their price at P* this would cause ___________.

To fix a shortage in a market the price should

Look at the graph. If this is the market for green beans what might cause this to happen.

A binding price floor creates a

If the quantity demanded is 200 and the quantity supplied is 50 how large is the shortage?

If the price of Pepsi goes up, what will happen to the demand for Coke?

If a good is a need then the demand is

If your income increases what will happen to your demand for an inferior good (like Spam)?

The place where buyers and sellers interact is called a:

If demand for a good is elastic, a 20% reduction in price will make

What is it called in a market when buyers buy exactly the same amount as sellers want to sell.

The highest price you are LEGALLY able to pay is called a

If you raise the price of the product and your total revenue goes down then the demand is

A price that is HIGHER than equilibrium will cause a __________ in the market.

Which of the following would increase the price of dog food?

This change in the market causes Equilibrium Price to _________ and Quantity to _________.

If demand shifts to the left price will __________ and quantity will _____________

If there is a surplus, quantity demanded is ____________ quantity supplied

Price controls, taxes, and tariffs all create

The following products would be considered compliments