Demand
Supply
Equilibrium
Scenarios/graphs
Miscellaneous
100
The law of demand states that
When the price of a product goes up, the demand for the product goes down (inverse relationship)
100
The law of supply states that
When the price of a product goes up, the quantity supplied of the product goes up (direct relationship)
100
When supply is greater than demand and you have too much of something it is called a
Surplus
100
The income of all citizens in the United States goes down by 20% due to COVID 19. Which graph shows the correct shift?
Graph B
100
Which state host the largest Halloween parade each year?
New York
200
If the price of spaghetti sauce decreased, what would happen to the demand of pasta? (Must state increase or decrease, and the factor why)
Demand Increase
Factor- Related goods (Complements)
200
Lululemo expands opening stores in 5 new countries. What will happen to the supply of Lululemon clothes?
State whether it will increase or decrease (100) and the factor (100)
Increase
Number of sellers
200
When demand is greater than supply can keep up it is referred to as a
Shortage
200
Apple expands into six new countries. Which graph best represents what would happen?
Graph C
200
How many eyes does a bee have?
5
300
When a customers need for a product is not urgent (they have more time) the demand is________
Elastic
300
Expenses that the owners of a business must incur regardless of production like rent payments and property taxes are considered?
Fixed costs
300
If there is a shortage in the market, the price is likely to _______
Increase
300
Nike increases the price of all their shoes by 25%. Which graph shows what would happen to Adidas shoes?
Graph A
300
Name the order of these artist from YOUNGEST to OLDEST
(Drake, Morgan Wallen, Selena Gomez, The Weeknd)
Wallen, Gomez, The Weeknd, Drake
400
Which of the following would not SHIFT the demand curve for Bananas?
A. An increase in the price of a close substitute
B. An increase in the income of consumers
C. Study says that Bananas cause cancer
D. Decrease in the price of Bananas
E. New research shows health benefit of Bananas
D. Decrease in the price of Bananas
400
Suppose there is a decrease in the price of corn. If corn is an input into the production of ethanol. What would happy to supply? (200) and because of which factor? (200)
Increase. Input costs.
400
Define a price floor and give an example of one (200 each)
A legal minimum price; the price cannot go below it.
Minimum wage, dairy farmer, etc
400
The government DECREASES taxes on company x. Which graph shows what would happen to company x?
Graph C
400
What is a group of witches called?
A coven
500
Give an example of each of the TRIBE Factors of Demand for Pizza Hut. (125 per factor)
Tastes-
Related goods (Substitute or Complement)
Income
Number of Buyers
Expectation of future prices
Answers will vary
500
Which of the following would cause the supply curve to increase?
An increase in the cost of production.
Producers leave the market.
New technology speeds up production.
- Taxes increased on the cost of production
All of the above
3- New technology
500
Define price ceiling and give an example of one (250 each)
Legally determined maximum price that sellers may charge
Examples- Rent control policy, prescription drugs, etc
500
Sellers expect prices to rise soon. What are sellers going to do now before the prices rise? Which graph represents this shift?
Graph D
500
On average, what is the thing that Americans do 22 times a day?
Open the fridge