Supply and Demand Review

Which of the following is not a determinant of supply?

The point at which quantity demanded and quantity supplied are equal is called _________. 

A price ceiling will result in:

What might happen when your income rises?

At a price of $40 total revenue is:

What happens to the market supply of Ice cream when Nashville gets a new ice cream shop?

If this tax were imposed, who would the majority of the incidence of tax fall on?

A price floor is (a) ___________ for a good or service.

If a sale is expected to happen at the end of the month, what happens to demand right now?

A price ceiling is (a) ___________ for a good or service.

Two goods are complements when a decrease in the price of one good:

A price ceiling leads to what economic situation?

When price increases, what happens to supply?

When price increases, what happens to quantity supplied?

A surplus occurs when:

When the quantity supplied is greater than the quantity demanded, we have a ________.

What kind of relationship does the law of supply illustrate?

Which of the following is not a determinant of demand?

What kind of relationship does the law of demand illustrate?

At a price of $25 there would be:

What is the equilibrium price and quantity?

The mother of a family receives a raise.  What happens to the demand of that family?

What happens when the supply curve shifts to the left?

There are very few substitutes for gasoline. Therefore, gasoline tends to have: