Supply and Demand Review

The price of wheat increases. What happens in the market for spaghetti?

What must be true in order to say one has demand for a good or service?

If demand decreases, what happens to equilibrium price?

What is the only thing that changes quantity demanded or quantity supplied?

Which pair would most likely be substitutes?

Which nonprice factor affects both demand and supply?

Which of the following is true, if the price is set above the equilibrium price?

Gov't.: Truck drivers can take half as many breaks as before. What happens in market?

When it is illegal to raise the price above a certain level below the equilibrium price:

Peyton Manning, Papa John's spokesman, arrested for drugs. What happens to Papa John's market?

Price of bait increases. What happens in the market for fishing licenses?

Price of doughnuts increases. What happens to the market for brownies?

Gov't. places a tariff (tax) on all Colombian coffee. What happens in the coffee market?

The Law of Demand states that

Consumers see their incomes rise by 5% this year. What happens in the concert ticket market?

If supply decreases, what happens to the equilibrium price?

Which pair would most likely be complements?

The Disney World admission price is going to increase in three months. What happens today?