ECON UNIT 2 - Supply and Demand Review Game!

Which of the following products are most likely substitutes?

Which goods are not a good example of substitutes?

The following products would most likely be considered complements

Any arrangement that brings buyers and sellers together is called:

Look at this graph for a Normal Good. Which would cause demand to shift right?

Which of the following would increase the price of Dog Food

If the price of pepsi goes up, what will likely happen to the demand for coke?

The amount a consumer is willing and able to buy at a given price is called?

This vocabulary term is defined as the maximum price allowed by law:

Which type of elasticity occurs when Qd does not change as price changes?

The market is peanut butter. What would occur if the price of jelly decreases?

If there is a surplus, quantity demanded is ____ quantity supplied

Which of the following best describes the outcome if BOTH supply and demand shift left?

Calculate the elasticity: If P increases by 50% and Qd decreases by 25%

The law of supply says...

What happens to Price and Qd when D shifts right?

Based on last question. What type of elasticity occurs? (Hint: calculation was 0.5)

Which of the following products would economists expect to be the most INELASTIC?

What does the Law of Demand state?

When a company must pay higher wages to workers, which shift will occur?

Agree or Disagree with this statement. I am ready for this exam.

When there is an increase in Supply, which of the following results?

Which would cause supply to shift left?

A decrease in supply causes price to _____ and quantity to _____

Minimum Wage is an example of which type of price control?

BONUS: Mr. Meier has been teaching at Penn Manor HS for...

When consumers respond heavily to a change in price, what type of elasticity is that?

If the price for iPhones decreases by 40%, and as a result the Qd for iPhones increases by 60%:

As your income increases what will happen to your demand for an inferior good?

In the market for pizza, what would occur if the cost of dough rises?

What occurs when buyers want to buy exactly the same amount as sellers want to sell.

If a good is absolutely necessary for survival, then demand is usually

Which best describes Quantity Supplied?

If the quantity demanded is 200 and the quantity supplied is 50, how large is the shortage?

This picture shows which type of effective price control?

If demand shifts left, price will __________ and quantity will _____________

When % change in Qd over % change in P is equal to 1?

What occurs when Quantity Supplied is greater than Quantity Demanded?

Which of the following is a common example of a price floor?

When income decreases, which type of good would you purchase more of?