AP Macro - Supply, Demand, and Equilibrium

When the price of oil increases, we expect the following:

Price of steel decreases, while driving becomes more popular. What happens to cars?

The law of demand implies:

Ohio State expands their stadium to 175,000. What happens to price and quantity?

An excise tax will:

If it wasn't for Ramen, college kids would starve. Ramen is an example of:

The law of supply is illustrated by a supply curve that is:

Minimum wage is an example of:

Which will cause a change in demand for Nerf Guns?

When prices change, consumers will choose to buy more of the less expensive product. This is:

There is a surplus in the market when:

There is a shortage in the market when:

Phoebe agrees to sing Smelly Cat at the Central Perk (she's terrible). How does this affect supply of coffee?

______ are a result of artificial price controls.

Texas A&M joins the overrated SEC and builds an addition to their stadium. This is an example of:

Which example will cause the supply curve to shift?

UT just capped tuition at $75,000 per year..... wow.

As gasoline prices fall, consumers decide to take more vacations. This situation represents:

Producing more of a good becomes increasingly expensive. Therefore prices need to increase.

If the demand for textbooks shifts to the left:

"When the price of a product rises, the purchasing power of our income falls."

If the price of steel falls affecting the market for cars, we can expect:

If an increase in incomes causes the demand curve to shift right, this product must be:

If the demand for a good or service decreases, equilibrium price and quantity will:

A more efficient way to produce a good is discovered, lowering costs. This will cause: