Supply, Demand, Price Test

What will happen to DEMAND of Doritos if the number of consumers decreases

Name Brand Goods

Inelastic means that there is very little demand/supply change when the price changes

What will happen to the SUPPLY of Tesla vehicles if Tesla received a subsidy from the government

What will happen to the SUPPLY of Tesla vehicles if the government passes a policy stating it must meet new regulations

What will happen to the SUPPLY of Tesla vehicles if a new more efficient battery is developed

Off Brand Goods

These costs you pay regardless of how much you produce

What will happen to DEMAND of Doritos if the cost of the Doritos increased

Magrinal Costs is the cost of producing two more units

The cost of producing one more unit

These costs rise or fall depending on how much is produced

This is when there is more supply then demand

What is Latin for "All things remaining equal"

What will happen to the SUPPLY of Tesla vehicles if the cost of batteries increased

Law of Supply means price goes up supply goes up

When you take all your costs together

A price ceiling is the minimum price that can be legally charged for a good

Elastic means there is very little quantity demand/supply change when price changes

This is when there is more demand then supply

What will happen to DEMAND of Doritos if the cost of Takis increased

The US is a Mixed Economy

That studies how man obtains his

That are

What will happen to DEMAND of Doritos if Lebron James tweeted positively about them

The perfect amount of supply meets the perfect amount of demand

Subsidies are government payments that support a business. They cause supply to decrease

Two goods bought and used together

Economics is the

Goods used in place of one another

Law of Demand says that if the price goes down Demand goes up