Economics - Supply and Demand

The Law of Supply states that as the price of a good increases, the ____________ increases.

If technology allows nunchucks to be produced more efficiently, supply will...?

As income levels rise, demand for normal goods go up.

If the price for butter goes up, demand for margarine does what?

Coke and Pepsi are substitutes.

A change in quantity demanded is always related to a change in what?

If people decide Ninjas are the best warriors and everyone should have one; demand for Ninjas will...

The USSR was what type of economy?

In mixed and market economies, what protects against monopolies forming?

A change is quantity supplied is always related to a change in what?

Better technology usually results in an increase in Supply?

If the price of throwing stars goes up, the demand for throwing knives does what?

Which term describes an excess of demand in the market?

What is the point where Demand and Supply intersect?

An increase in taxes will increase the prices of the goods that are taxed.

Which answer is not a determinant of demand?

Who is the greatest teacher ever?

Cheerios and Frosted Flakes are compliments.

The Law of Demand states that as the price of a good increases, the quantity demanded does what?

As income levels rise, the demand for what type of good increases?

If the quantity demanded of a good is insensitive to changes in price it is said to be inelastic.

Expectations are a determinant of supply

When there is a surplus, prices will likely do what?

If quantity demanded is greater that quantity supplied, you will have a what?

Which good has inelastic demand?

A decrease in the price of Oreos will make the demand for milk do what?

When you are wealthy your demand for inferior goods will do what?

What is the term that describes a good or service's sensitivity to changes in price?

Price floors are above the equilibrium price.

Traditional economies use a complex currency system in trade.