Unit 4 Economics Supply and Demand Review

How do you get rid of a shortage?

how does knowing a products elasticity help a producer?

which of these is true of an inelastic good?

Learning a products elasticity tells the producer:

The price of one of your key ingredients goes up in price, what happens to your product?

The price of a complementary good goes up, what impact does that have on your product?

A substitute good increases in price, what will happen to your product?

consumers will tend to purchase more of a good at low prices, what the law is?

Which of these doesn't affect elasticity?

This picture is an example of a: 

this picture shows: 

What has happened to price and quantity demanded because of our decrease in supply?

If something has an elasticity calculation of 1.4, what is it?

Technology is invented that makes your product much faster and cheaper:

If there is a change in demand, which of these would happen?

Everyone has more money, what effect does that have on your product?

A small change in price = a big change in demand:

What are goods that replace each other called? 

Minimum wage is an example of what? 

Which of these is NOT a reason that a demand curve will shift? 

Which of these is not a reason that a supply curve will shift?

When a price ceiling is enforced, who benefits?

this picture is an example what?

Which of these is a positive effect of minimum wage?

The government taxes the production of your product:

What is the result of a price floor?

The price where supply and demand is equal is called: 

If your price is $10 and your quantity sold is 13, how much is your total revenue? 

What best explains why no one buys VCRs anymore?

Price goes up and Total Revenue goes up

What is a complimentary good for your car?