Supply
The supply curve slopes ______ .
Upward
Demand curve is sloped ________
Downward
Which economic system is LESS likely to allow any private ownership of land?
Communism
If price goes down, what happens to the demand curve?
Shifts up/out
What is Mr. Plaza'a favorite sports team?
St. Louis Cardinals
This influence on supply has to do with breakthroughs/advances that allow more efficient production of goods.
Technology advances
This influence on demand involves what customers like or don't like
Tastes and preferences
Which economic system best describes what the U.S. economy is based off of?
Capitalism
If supply goes down and demand stays the same, what happens to price and quantity?
Price increases, quantity decreases
Who drives the #9 NAPA Chevrolet in NASCAR?
Chase Elliott
This supply influencer involves companies being charged more by the government to produce their goods.
Taxes
If the price of off-brand cereal is cheaper than the name-brand, demand will likely decrease for the name-brand. This is due to what influence on demand?
Price of substitutes
Which economic system allows for some private ownership, but also involves government owning property/businesses such as utility companies
Socialism
If demand goes down but supply stays the same, what happens to price?
Price goes down
What US State is the furthest north?
Alaska
Pumpkin prices go up 200% due to a shortage. As a result, pumpkin-spice beverages and food decrease in supply. What influence on supply could this be attributed to?
Price of inputs/suppliers
During covid, discretionary income went down as a result of massive unemployment, which made iPhone sales also decrease. Which influence on demand would this be?
Income of customers
Supply goes down due to input price increase (rubber)
List the 4 influencers on supply
# of suppliers
Price of inputs
Taxes
Technology
List the 4 influencers on demand (not including expectations for future prices)
Price
Income of customers
Price of substitutes
Tastes and preferences
The price of the Air Force One goes up by 50%. What will happen to the price and quantity at the new equilibrium?
Quantity and price goes down.