Demand and Supply 1

Number of firms shifts

If the price of hotdogs increases, what happens to the demand for sausage?

States if price goes up, quantity demanded will decrease. If price goes down, Qd will go up

If price increases for product and there is a large decrease in how many are purchases, demand

If elasticity is .0001

Demand for insulin is

If the cost of wood increases, what happens to the supply of wooden bookshelves?

Demand for a boat is

Income shifts

Complements and Substitutes shifts

The number of buyers shifts

A change in price shifts

Amount consumers are willing and able to purchase of a good at a certain price

Law of Supply says:

Costs of Inputs shifts