Econ Unit 2 Practice

One of the advantages of prices is that it favors neither the producer nor the consumer. This is called:

Peanut butter and jelly are compliments. What happens to jelly when the price of peanut butter goes up?

On this graph, $1.40 represents

According to the law of supply, price and quantity supplied have what kind of relationshp?

This is the willingness and ability of consunmers to purchase a product at various prices.

The only thing that can change quantity demanded is

Which answer best explains the graph below?

Sprite and 7-Up are substitutes. If the price of 7-Up decreases, what happens to the demand for Sprite?

When talking about supply and demand in this class, what is the Y axis always labelled?

The maximum legal price that can be charged for a product is...