Supply and Demand

Total cost =

As price increases quantity demanded ________________

If the price of apples increases, what way will the supply or demand curve shift for oranges?

The supply curve slopes_______________________

If resource prices increase for a business, what way will the supply or demand curve shift?

Since quantity supplied increases as price increases, supply is a ___________ relationship

When price is below equilibrium price or quantity demand is greater than quantity supplied we have a _________________

If a good is considered a luxury what type of elasticity would it tend to have?

On the graph, what goes on the horizontal X axis?

Why would the government put a price floor on a certain business?

The demand curve slopes ____________________

What happens to the current equilibrium price and quantity when consumers expect the price to decrease next week?

As price increases quantity supplied _______________

Gasoline would be ____________ because I will still pay for gas in the same quantity if the price goes way up

•How many workers does the business need to hire to have increasing marginal returns?

If the price of a hamburger increases creating a hot dog's demand to increase, the goods are __

According to economists the Law of Diminishing Marginal Utitlity

If the price for hot dog buns increases, which way will the supply or demand curve for hot dogs shift?

What happens to the equilibrium price and quantity when the machine that creates the products decreases?

If demand increases then the demand curve shifts to the ____________________

Why would the government put a price ceiling on a certain business?

When price is above equilibrium price or quantity supplied is greater than quantity demanded we have a ________________

A price floor would be placed _____________ equilibrium.

If income and demand change in the same direction then this is considered a ______________

Necessities such as Heating oil, Electricity, Insulin and gasoline tend to be

Numerical table representation of the law of demand

If a company receives a subsidy, what way will the supply or demand curve shift?