Demand
The law of demand states...
As prices decrease, demand increases OR As prices increase, demand decreases
The law of supply states....
As prices increase, supply increases OR As prices decrease, supply decreases
An increase in population causes this...
Demand shifts right
The horizontal axis on the Supply and Demand graph
Equilibrium
A table showing the quantities demanded for a good at various prices is a ____________
Demand Schedule
A graphic representation of the supply schedule
Supply Curve
This happens if workers go on strike
Supply shifts left
The type of relationship between price and quantity supplied
DIRECT
The type of relationship between price and quantity demanded
INVERSE
The only thing that causes a change in quantity demanded
Price
If a new company launches a new brand of soda, what happens in the market for sodas?
Supply increases OR Supply shifts right
If incomes increase, the demand for inferior goods would...
Decrease OR shift left
When demand is greater than supply there will be a ___________________________.
Shortage
When supply is greater than demand there will be a _____________________.
Surplus
The impact on a demand curve caused when consumers expect higher prices in the future.
Demand will increase today OR Demand shifts right
An increase in the price of soda causes what to happen to the supply of sodas?
Quantity supplied increases OR the "dot" moves up the supply curve
Businesses expecting higher prices in the future causes this...
Supply shifts left
This is what happens at the equilibrium or market clearing price
Demand = Supply or There is no shortage and no surplus or Quantity Demanded = Quantity Supplied
Government subsidies will have this impact on a supply / demand graph
Increase supply OR shift supply right
Cereal producers invest more money into producing commercials, both on TV and through social media. What happens to equilibrium price and quantity as a result?
Price increases, quantity increases
A drought has killed off much of the wheat and corn resources used in the production of cereal. What happens to equilibrium price and quantity as a result?
Price increases, Quantity decreases
An improvement in computer chip production makes it easier for suppliers to make computer chips. What happens to equilibrium price and quantity as a result?
Price decreases, Quantity increases
CD prices drop. What happens in the demand market for CDs?
The decrease in demand for Walmart's frozen shrimp had what impact on equilibrium price and quantity?
Price decreased, Quantity decreased