Supply and Demand Review

The change shown in this graph is a _____

The change shown in the graph below is a 

T or F: A desire to buy a product is the only requirement needed for demand to exist.

A government payment to a business 

Milk and cereal are examples of __________ products

If a producer willingly raises their price, what change will occur?

Minimum wage is an example of a _______

A change in ________ causes different amounts for sale at ALL prices

When supply is greater than demand, a _________ will result

A change in _______ is always a result of a change in price

Butter and Margarine are considered ___________ products

If multiple firms go out of business, what change will occur?

The law of demand states that as price increases, the quantity demanded of a product will _____

A price ____________ is set below the equilibrium price

A price floor will result in a ______

replacing a more costly item with a less costly item is an example the ______ effect

A price ____________ is set above the equilibrium price

If the government loosens its regulations, what change will occur?

What does letter E represent in the graph?

The law of supply says that at a higher price, __________ will be offered for sale

The change shown in the graph below is a 

A price ceiling will result in a ______

When demand is greater than supply, a _________ will result

The change shown in the graph is a ______

The __________ supply curve shows the quantities offered for sale by ALL firms in the market

T or F: At market equilibrium the quantity supplied is equal to the quantity demanded.

If the producer decides to put its product on sale, what change will occur?