Unit 2 - Supply & Demand

Where supply and demand meet and buyers and sellers are satisfied on market graph is

Which good would be most likely to have a inelastic supply

A good that consumers demand less of when their incomes increase -

The term that describes the sensitivity of consumers and/or producers to a price change is

Law of Demand says when prices rise consumers will

One more ........

On a graph inelastic supply lines are

Demand increases because a good is introduced to more people = shift right because

Amount of goods and services a consumer is willing and able to purchase in a given time is

In this graph ..

Law of Supply says when prices rise producers will

The minimum wage is the most famous example of a(n)

A producer Expects coat prices will be going down in the summer. In this scenario

When the gov't gives an entrepreneur/inventor the exclusive right to produce something it is a(n)

The government pays you to plant corn - supply shift right because

When a business controls an entire market with no competition it is a(n)

When there is a surplus in the marketplace

Government requires that manufactures install back-up cameras - supply shift left because

Something that can be used instead of another thing is a

In this graph ...

Amount of goods a business is willing and able to produce at various prices in a given time is

This graph shows ...

Oil production increased due to Hydraulic Fracturing - Supply shift right because

What has taken place in this graph?

This graph shows ...