Unit 3 Mid-Review

A new type of quantum super computer has been invented! How will this shift the supply of numerous goods and services?

Airplanes are considered to have no close substitutes. This means that the demand for them would likely be:

The Price of Hot Pockets increases, what will happen to the Quantity Supplied?

Tylenol and Advil are consumer substitute goods. How will the demand for Advil shift if the price of Tylenol increases?

Apples are now much cheaper! How will the supply for apple pies shift?

The Law of Demand states that "Price and Quantity Demanded are _______ related."

How will the supply of cheese curds shift if suppliers are anticipating a massive price increase in three months?

Apple pies and fritters are producer substitutes. If the price of pies decreases how will the supply for fritters shift?

The Price of cookies increases, what will happen to the Quantity Demanded?

How will your demand for tacos shift if you are anticipating a massive taco sale in two weeks?

Wheat and straw are producer compliments. If the price of wheat decreases how will the supply for straw shift?

Fountain pens are considered a luxury good. This means that the demand for them would likely be:

It's summer in Minnesota! Everyone is in the mood for ice cream, meaning the demand for ice cream will:

If Supply Decreases, that means it has shifted:

The nation of Oceania is at war! How will this shift the supply of designer shoes from that country?

You buy mint gum every week (very frequently). This means that the demand for it would likely be:

If Demand Increases, that means it has shifted:

You won a trip to Disney World! Even all of your food is paid for! This means that the demand for food would likely be:

You own a book printing company whose costs of changing production are very low. This means that supply would likely be:

Cupcakes are a Normal good. How will the demand for cupcakes shift if your income decreases?

Peanut butter and jelly are consumer compliment goods. How will the demand for jelly shift if the price of PB increases?

The Law of Supply states that "Price and Quantity Supplied are _______ related."