Unit 2 Review - Econ

Which of the following curves does the image represent?

Term for the point at which the quantity demanded of a product equals the quantity supplied

Which of the following causes a change in DEMAND?

The different quantities of a good that sellers are willing and able to sell @ different prices

Which of the following causes a change in DEMAND?

Which of the following causes a change in SUPPLY?

Fire destroys most of the corn crops in Nebraska. How does this affect Supply and Demand?

Term for a product that is consumed along with some other product.

The minimum wage is increased to $15.00 per hour. How will this affect Supply and Demand?

The price of the iPhone 7 increases. How would this affect the S or D for Google's Pixel phone?

The different quantities of a good that consumers are willing and able to buy@ different prices

Which of the following curves does the image represent?

In the following image, Pmin is an example of which price control?

Term for when two different goods can satisfy the same want.

Which of the following causes a change in SUPPLY?

In the following image, P2 is an example of which price control?

Which of the following causes a change in DEMAND?

What is the equilibrium point in the following graph?

Term for when the quantity demanded at a specific price exceeds the quantity supplied

What occurs when I move from point X to point Y?

The amount of a good or service that producers are willing and able to sell @ a specific price.

Term for cash payment from Gov't aimed at helping a producer to continue to operate

Which of the following causes a change in SUPPLY?

The amount of a good or service that consumers are willing and able to buy at a specific price.

Term for when the quantity supplied at a specific price exceeds the quantity demanded