Bangor Supply, Demand, and Prices

Amount of a product offered for sale at all possible prices

What is the best example of an inelastic good?

The government wants to assist dairy farmers so they give them money to supply more milk

What kind of demand curve is not subjective to price?

Subsidies are most common in what area in Wisconsin?

La crosse decided to place a maximum rental rate on apartments this is an example of a

This picture is an example of a_________ curve

There is new supporting information that Burger King causes stomach sickness.People stop buying

In a shortage a price will most likely ______

In a surplus the price will most likely ______

More people decide to take up cycling as a hobby what changed this shift?

Analysis that shows where companies get the most $money$

Their has been advancements in fast transit train systems. The country has been supplied more

Point where quantity supplied equals quantity demanded

Lowest legal price that can be paid for a product

What is not an example of a fixed cost?

The decreased satisfaction gained from each extra unit of consumption is known as _____utility

What is not true about a perfect equilibrium price?

Supply elasticity differs from demand because it

Mattresses are on sale so people also purchase/ demand new pillows

Coke goes on sale at festival so people stop demanding Pepsi

Surplus and shortages are often caused by controlled price increases and decreases

Minimum wage is an example of a _________

Highest legal price than can be charged for a product

A company analyzes labor costs versus total profits using

Economic activity of individuals and private firms are studied in______economics

Shift:Their has been an overall increase in pay for the town of Bangor, people start buying tvs

What kind of demand curve is subjective to price?

Supply: Due to poor management the factory isn't supplying as many twinkies as before

What is usually the largest variable cost?

Gas is expected to rise to $3.00 a gallon, people stock up now

Supply: More cars are supplied because the cost of steel reduced

Demand curve: The price of movie ticket went from $10 to $9. 10% more people went to the movies

Supply: The government restricts the use of coal so other energy sources can be explored

An increase in supply is shown as a shift _______

A decrease in demand is a shift________

This law of _______ states the higher a price is the less they will want

The law of supply states if price is higher the amount supplied will

Supply: More cars are supplied because the cost of steel reduced

Farmers suspect beef prices to increase in one month. They wait to supply beef

This picture is an example of a ________curve