CITS Supply and Demand- Fall 2024

Which of the following items is likely to have the most elastic supply?

Which of the following items is likely to have the most inelastic demand?

What is this a graph of?

If you think chocolate will be more expensive next month, what will happen to your demand now?

When a shortage exists, what should suppliers do?

The price of coffee increases. What will this to the demand of coffee mugs?

When a consumer is able and willing to buy a good or service, they create what?

Peoples' incomes have dropped and they buy less new cars- movement or shift?

U.S. gov't gives a bonus to small family farms that grow and produce corn-which supply shifter?

How do you calculate a company's PROFIT on a good or service?

If a good or service is heavily advertised, which demand shifter is at work?

What is this a graph of?

How do you calculate a company's revenue?

What is the basic principle of the law of demand?

If the price of pretzels increases, and the quantity demanded for them decreases- movement or shift?

Supply for yogurt has decreased as less companies are making it- which supply shifter?

What is it when buyers will purchase exactly as much as sellers are willing to sell?

Which of the following best describes a good that had elastic demand?

Demand has increased for knitting supplies bc baby boomers are old- which demand shifter?

Supply for raspberry jam has dropped bc price of raspberries has increased-which supply shifter

Which of the following is a fixed cost for a store?