Just the Basics
Ch-Ch-Ch-Changes
This is Pricy
Its Elastic!
Miscellaneous
100
This curve is downward sloping due to the idea that when price increases, quantity decreases
Demand
100
This is the change in the market for carrots when a newspaper article reports they help strengthen eyesight
Demand increase (Consumer expectations)
100
This is the price control that occurs when the government sets a minimum wage
Price floor
100
This is what a perfectly elastic good looks like
Horizontal line
100
This is a perfectly labeled supply/demand curve
Include axes, E, D, S
200
This is where quantity demanded meets quantity supplied
Equilibrium
200
This is the change in the market for coffee grounds when creamer goes on sale
Demand Right (Compliments)
200
This is what would result from a price floor (what is it called and what does it look like?)
Surplus
200
This is what a perfectly inelastic good looks like
Vertical line
200
This is the change in the market for French Fries when Tater Tots are on sale
Demand Left
300
This is the name of the table:
Schedule
300
This is the change in the market for video games if Nintendo goes out of business
Supply Decrease (# of sellers)
300
This is the change to price equilibrium due to a supply Shift Left
Price decreased
300
This is a good that would be inelastic
any essential good
300
This is the change in the equilibrium price for Computers when computer chips can be produced easier than before (Draw shift, what PE change results)
PE decrease
400
This is the price equilibrium for gas:
$1.40
400
This is the change in the market for pizza when the price of pizza increases
No Shift- change in QD
400
This is what Shoprite should do to sell their surplus of Irish Soda Bread After St. Patrick's Day
Lower the price to get to equilibrium (Sale)
400
This is an example of an elastic good
any non-essential good
400
This is the shift and effect on the railroad market if railroad workers strike
Supply left, shortage
500
If seniors are offering their labor to local businesses at certain wages, this group is considered the producer
Seniors (Market for labor)
500
These are the changes in the market for Potato Chips when new labeling machines speed up the packaging process AND when Pretzels go on sale
Supply Shift Right, Demand Shift Left
500
The government is setting a price control on chicken for $2.99 a pound; equilibrium is at $3.99 a pound. What is this price control called and what will result from it?
Price Ceiling, Shortage
500
This is what the demand curve for a highly inelastic good like insulin would look like
very steep
500
This is an example of a price control that would make rental housing more affordable
Price ceiling