market equilibrium
name that graph
demand
supply
Questions pulled from the test
name that cartoon character
100
the point in which quantity demanded and quantity supplied matches at a given price is called what?
equilibrium
100
increase in demand
100
Weather forecasts that a hurricane will be hitting Charleston in the next few months. Demand for umbrellas and hurricane proofing products rise significantly. what is the factor
consumer expectations
100
an increase in government regulation will do what to supply?
decrease
100
The Law of Demand states that:
a. price increases, the quantity demanded increases
b. price increases, the quantity demanded remains the same
c. price decreases, the quantity demanded decreases
d. price decreases, the quantity demanded increases
d
100
Joe Swanson
200
if there is a surplus, what must the price do in order to reach equilibrium?
decrease
200
What is the change?
increase in supply
200
a rumor or bad review will shift the demand curve to the left. which demand-changing factor is this an example of?
consumer trends/image
200
Pepsi opens up 10 new factories on the east coast of the US. What is the factor that is causing the supply shift?
# of suppliers
200
A graphical representation showing the quantity demanded at each price is:
a. the law of demand
b. a demand schedule
c. a demand curve
d. change in demand
C
200
Brock
300
if there is a shortage, what must the price do in order to reach equilibrium?
increase
300
elastic or inelastic or unit elastic?
ineslastic
300
price of coke rises, causing the demand of pepsi to increase. what is the factor that is being shown here?
substitute
300
farmers receiving government money to keep them in the farming industry, causing the supply to rise. what is the factor here?
subsidy
300
A change in quantity demanded can only be caused by what?
a. price
b. number of consumers
c. consumer tastes
d. complements
A
300
shnitzel
400
at $4, the quantity supplied is 6, while the quantity demanded is 3. is this a surplus or shortage?
surplus
400
what is this graph showing
decrease in demand
400
the price of hot dogs rises, causing the demand of hot dog buns to decrease. what factor is being shown?
complements
400
price of glass, a key resource used for making watches, decrease. what is the factor being used here?
cost of inputs
400
What does the law of supply state?
As Price increases, quantity supply increases
400
Mordecai and Rigby
500
What is the Equilibrium Price? What is the QD and QS at equilibrium?
$3, 4 units
500
what are the two changes?
increase in supply, increase in demand
500
employees at TL Hanna get a 10% pay raise for their performance in semester 1. this causes the demand for Zaxbys to rise. what is the factor being shown here?
consumer income
500
workers at the BK decide to work harder to beat the other store's sales number so that they can get a pay raise. this is an example of what supply factor?
productivity
500
draw the change in supply/demand and correct factor based on the following:
The price of glass, a key resource used for making watches, decreases. Show how this would impact supply or demand for Fossil watches.
increase in supply due to cost of inputs
500
Jorgen Von Strangle