Unit 2 - Econ Review

What is market power?

If supply decreases, the supply curve will move in which direction?

If demand increases, the demand curve will move in which direction?

What is the law of supply?

How would an drought in California affect the supply curve for grape juice?

All of the following are demand shifters EXCEPT...

A celebrity endorsing a new shoe will shift the....

All of the following market structures represent imperfect competition EXCEPT

How will a change in price affect the demand for a product that has inelastic demand?

Equilibrium Point exists where

If supply increases, the supply curve will move in which direction?

A price ceiling may result in a...

What is elasticity?

A price floor may result in a...

The graph of an inelastic product will be more

A change in the amount of producers will shift the....

A change in technology will shift the....

If demand decreases, the demand curve will move in which direction?

If price changes, what happens to the demand curve?

If price changes, what happens to the supply curve?

A change in the amount of consumers will shift the....

What is the law of demand?