Supply
The Supply Curve is upward-sloping because:
As price rises supply rises
What is demand?
desire, ability, and willingness to buy a product
The point at which supply and demand meet
Equalibrium
What is marginal utility?
The usefulness of an addition item
Who provided the voice of Groot in the Guardians of the Galaxy movies?
Vin Diesel
On a graph, if the supply increases it moves to the...
Right
What is a demand schedule?
list of prices and quantities
If a price is set above the equilibrium it results in this kind of disequilibrium
Surplus
Iphones and Android Phones
Substitutes
What was the coffee shop named in the hit TV show Friends?
Central Perk
What does the Law of Supply state?
price and quantity are directly related
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes?
Branch of economic theory dealing with behavior and decision making on a small scale
Microeconomics
Cereal and Milk
Compliments
Who was Walt Disney's favorite princess?
Cinderella
What causes a change in quantity supply?
price change
Why is the demand curve downward slopping?
As price falls, demand rises
As price rises, demand falls
If a price is set below the equilibrium it results in this kind of disequilibrium
Shortage
A motivating influence that causes you to act
Incentive
What is Muhammad Ali’s real name?
Cassius Clay
What are the five factors the cause a change in supply?
1. better technology
2.productivity
3. taxes/ substidies
4. number of sellers
5. change in costs of imputs
A product that must be used in conjunction with another product
What is a complement?
Give an example of a government action that can cause a shift in supply
Tax, subsidy, regulation
The cost of producing one more unit is called the
Marginal Cost
What is the national sport of Canada?
Lacrosse