Supply and Demand Review

When supply is greater than demand, a _________ will result

If the need for a product is not urgent, the product tends to be demand _________

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

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

Butter and Margarine are considered ___________ products

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

The change shown in the graph below is a 

The change shown in this graph is a _____

Milk is demand _________

A(n) _____ product will have a relatively small change in demand when the price changes

A price ceiling will result in a ______

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

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

Households make their resources available for purchase in the ________

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

A government payment to a business 

A price ____________ is set above the equilibrium price

When demand is greater than supply, a _________ will result

What does letter E represent in the graph?

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

Minimum wage is an example of a _______

Businesses receive their revenue from the ______________

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

Is a potato supply elastic or supply inelastic?

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

Is a car supply elastic or supply inelastic?

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

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

The change shown in the graph is a ______

A price ____________ is set below the equilibrium price

Households spend their money in the ________

Milk and cereal are examples of __________ products

Is a pencil supply elastic or supply inelastic?

The change shown in the graph below is a 

A price floor will result in a ______

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

Medical care is demand _________