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Supply and Demand Unit
Supply and Demand Unit
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Answers
1
Price floors
above equilibrium and surpluses
Below equilibrium and shortages
2
Price controls are created by
businesses and individuals
government
3
Price goes up and all else stays the same
Quantity Supplied changes
Supply changes
Demand changes
4
Supply increases or decreases
Quantity changes along the supply curve
Supply curve shifts right or left
5
X axis
Quantity
Price
6
Inferior goods
Buy less as our income decreases
Buy more as our income stays the same
Buy more as our incomes decreases
Buy more as our income increase
7
Change in quantity demanded
Supply curve shifts
Change along the demand curve
Demand curve shifts
8
Y axis
Quantity
Price
9
Price ceiling creates
Surplus
shortage
10
Long run
no time to adjust
time to adjust
11
If only demand increases
Price goes up
Price goes down
12
Demand curve shifts
Price changes
Quantity demanded changes
Expectations change
Supply chain changes
13
Price ceiling
Above equilibrium
Below equilibrium
14
Complementary goods
Cauliflower and rice
Beef and pork
Butter and margarine
Automobiles and gasoline
15
Normal goods
Buy less as our income increases
Buy more as our income decreases
Buy more as our income increases
Buy less as our income decreases
16
Price above equilibrium
Quantity
Surplus
Elasticity
Shortage
17
Short run
No time to adjust
Time to adjust
18
Percentage change of quantity demanded compared to percentage change in price
Elasticity
Surpluses
Price controls
Shortgages
19
Price below equilibrium
Quantity
Elasticity
Surplus
Shortage
20
Factors that cause supply to shift
Price of the good
Demand for substitutes
Costs of production
Demand shifts
21
Law of demand
As price goes up, quantity demanded goes up
As price goes up, quantity demanded goes down
22
Equilibrium price
Quantity demanded is equal to quantity supplied
Supply balance
Demand balance
High demand and high supply
23
If only supply increases
Price goes up
Price goes down
24
If both demand increases and supply decreases
Price goes up
Don't know
Price goes down
25
Luxury items
Inelastic demand
Elastic demand
26
Substitute goods
Bacon and eggs
Butter and margarine
French fries and ketchup
Pancakes and syrup
27
Total Revenue goes in the opposite direction as price
Elastic
Inelastic
28
Law of Supply
As prices go up, quantity supplied goes down
As prices go up, quantity supplied goes up
29
Coefficient greater than 1
Elastic
Unit elastic
Inelastic
