Economics- Unit II- Supply and Demand

The decreasing satisfaction or usefulness as additional units of a product are acquired.

New technology allows Coca-Cola to produce soft drinks twice as fast. This will result in...

What is the economic term for when the Government sets a minimum price?

The federal minimum wage law is an example of which of the following?

Market- Hot dog buns- the price of flour rises (flour is an input to making hot dog buns)

Consumer's willingness to replace a costly item with a less costly item

The supply of a product normally increases in which of the following situations?

As prices Increase quantity supplied increases; As prices decrease quantity supplied decreases

What will most likely occur If there is a sudden increase in demand for goods and services?

According to an economist, a rational decision includes making a choice in which

What will exist, if the Quantity supplied is greater than quantity demanded for a product?

What is the economic term for this type of price control- Government sets a maximum price

According to the Law of Demand, what is the relationship between price and quantity demanded?

What does a price floor create?

What is the result of a Government giving a payment to a producer (subsidies)

Which of the following would cause the demand curve to increase/shift to the right?

Desire, ability, and willingness to buy a product is the definition for which of the following

The supply curve would shift to the right in which of the following scenarios?

Peanut butter and Jelly; Milk and Cereal are examples of which determinant of demand?

When a purchase can be delayed and adequate substitutes are available, demand tends to be

According to the Law of Supply, what is the relationship between price and quantity supplied?

Demand would tend to be inelastic for which of the following goods and/or services?

According to the Law of Demand, for most products, a decrease in price will

Which of the following would cause the demand curve to decrease/shift to the left?

market: Wheat- A drought destroys much of the crop. Which of the following will occur?

In which of the following situations would the supply curve shifts to the left?

According to the Law of Demand, an increase in price for goods and services will:

Extra usefulness gained from using one more unit is known as

A market clearing price/equilibrium price is reach in which of the following scenarios?

What do price ceilings create?