Unit 2 Review (S/D)

When supply shifts to the left, what happens to market price and quantity?

If consumer income rises, how would the demand curve change?

At a price floor, the market condition that results is called a(n)

In the market for wheat, new technology improves farming and harvesting techniques

At any price above the equilibrium price

According to the law of demand, as price rises

When the supply curve shifts right, what happens to market price and quantity?

What is the best explanation for the change you see in the supply curve?

Which of the following might have caused the demand curve to shift right?

A decrease in supply will cause the equilibrium price to

In the market for soda, consumers cut back on drinking sugary drinks

According to the law of supply, as prices fall

When demand increases, the demand curve shifts

Is the following graph showing a price ceiling or price floor?

Is the image in the graph a price ceiling or a price floor?

In the market for chocolate, disease in cocoa trees reduces the size of the harvest

When supply decreases the supply curve shifts