Econ Unit II: Supply and Demand

Using the figure below, if the price is ___, the quantity demanded is 2.

A rightward shift of supply will:

Suppose the price of cotton decreases. What will be the most likely result of this change?

If the quantity firms are willing to supply decreases at every price, there is:

A government imposed limit below which price cannot fall is called a(n):

Based on the table, what is the equilibrium quantity of trail mix?

Which of the following will cause equilibrium quantity to fall and the equilibrium price to either rise or fall?

The law of supply is illustrated by a supply curve that is:

If Junior, Dale, and Kay are the only sellers in the market, and the price of corn is $6.50, the market supply is:

If goods X and Y are complements, an increase in the price for good Y will:

Which of the following would decrease the demand for jelly (a normal good)?

If the price of bottled water is $0.50, the quantity demanded by Holly is:

At a price above equilibrium:

If demand for a particular good falls when income rises, that good is:

Which of the following pairs are most likely complements?

When consumers switch from a good whose price has risen towards other goods that haven't, this is:

The tendency for the price and quantity supplied to move in the same direction is known as:

How would a war in an oil-producing region most likely affect the supply of oil?

An increase in supply means:

If a market finds itself in a temporary situation where P=$10, the Q_D is 150 and the Q_S is 150, we would expect to see:

Excess supply is created when:

A leftward shift of demand will:

What would most likely cause the shift in the graph?

If the government decides to impose a price floor above the equilibrium price, the price floor will

Which move along the graph is most likely?

Using the information, if the price rises from $20 to $30,

Megan's Lattes sells coffees that are expensive and have many substitutes. Which graph best represents its demand curve?

When consumers react to a price increase with relatively large decrease in purchases, demand is:

Using the information, if the price rises from $0.20 to $0.30, the

If at every price, the amount of people able and willing to buy has increased, then:

Which of the following has an elastic demand?

If Holly, David, and Jim are the only buyers in the market, and market demand is 70 bottles of water, the price is:

Which of the following is NOT needed for perfect competition in a market?

The only sushi restaurant in town opens a second location. How does this affect the supply curve for sushi?

When we move along the demand curve, we call the the resulting change in the quantity consumers want to buy:

The demand for goods that make up a very small part of a person's budget is generally:

Flared jeans were in fashion; now straight-legged jeans are. What will happened to the demand for flared jeans?

How responsive firms are to price change is described by: