Economics Unit 2

Which of the following is not a natural reason for a shortage?

Objective, Fact based Economics

Emma was told attendance at Franklin was just raised to $40k a year. She is considering Ivy Tech now because:

An example of a price floor would be?

As expected, Ghost towns develop because as people move away, businesses close. This is an example of:

The Law of Demand States that

The economics of "What is"

If the price of pizza increases from $5 to $7, what would the quantity demanded do?

College prices are rising. You decide to not attend. Bc of a Δ in the $ of complementary goods, what aren't you buying?

Which of the following is not a natural reason for a surplus?

The Law of Supply can be summed up as:

What phrase means, "All things remain constant"?

A price ceiling may cause a?

Computers have increased the supply of goods and services. This is because it is a ____?

A good whose demand changes very quickly or severely, when price changes just a little

Which of these DO NOT cause demand to change?

A good whose demand changes little, if at all, when there is a change in price

If the price of pizza just went from $6 to $4, then quantity supplied would?

Which of these cause demand to change?

In the winter, McDonald's ice cream is more expensive. In the summer, DQ & the Bear's Den open. Why do prices go down?

A Surplus is when:

If the demand for a good goes down as income goes up, it is called:

If land prices increase, then the supply of a good or service

An example of an inelastic good would be

The price of pizza just went from $4 to $6, quanitity supplied would then?

If the price of pizza decreased from $7 to $5, then quantity demanded would?

Which of the following items has a price floor affecting its equilibrium?

An increase in price of complementary goods will cause demand for the other good to?

Tyler use to love Justin Beeber music. He realized just how terrible his music is. His demand changed because:

The economics of "what should be"

An example of an elastic good would be

Subjective, Value/Opinion based economics

Rachel heard from Miss Coffey that computer prices decrease around graduation time. Her Demand changed because of a:

A decrease in Future price will cause current demand to what?

If the price of gasoline becomes less expensive, a trucking company's ability to supply will?

An increase in population will do what to demand?

A real life example of a price ceiling would be

Dairy prices are increasing. McDonalds will now use oil-dairy products. This is an example of:

The point at which buyers and sellers agree on a price