Supply and Demand Review

The following products would be considered Complements

This change in the market causes Equilibrium Prices to _________ and Quantities to _________

The supply curve has a _______ relationship

What two shifts (one of demand/one of supply) will definitely cause equilib prices to decrease?

A price that is HIGHER than equilibrium will cause a __________ in the market.

Subsidies cause the supply curve to shift

A low price will cause

If the quantity demanded is 200 and the quantity supplied is 50 how much is the shortage?

An increase in income causes the demand curve to shift

Which of the following would increase the price of Dog Food

When there is a Shortage in a market the Price will

Prices serve as a link b/w producers and

Any arrangement that brings buyers and sellers together is called:

If there is a surplus, Quantity Demanded is ____________ than quantity supplied

More government regulations cause the supply curve to shift

Price competition is a characteristic of a

An increase in the number of consumers, would cause the demand curve to shift

If Green Bean Manufactures kept their price at the OLD equalibrium this would cause ___________

An increase in taxes cause the supply curve to shift

If demand shifts to the left prices will __________ and quantities will _____________

Look at the Graph.  If this is the Market for Green Beans what might cause this to happen.

What is it called in a market when buyers buy exactly the same amount as sellers want to sell.

If your income increases what will happen to your demand for an inferior good (like spam)?

Items that are bought together are called

Technology causes the supply curve to shift

The assembly line caused the

If the price of pepsi goes up, what will happen to the demand for coke?

Relationship of the Demand Curve

Because prices do not favor producers or consumers, they are described as