Demand Curve
When a community gains population the demand curve will shift (Right/Left).
Right
When a bakery closes in a town the supply curve of bread shifts to the (Right/Left).
Left
S__________ and D_____________ equilibrium determines the price of a good in a Perfect Competition market structure.
Supply
Demand
Offering temporary promotions or discounts is an example of a p___________ strategy
Pricing
When the quantity demanded equals the quantity supplied then price has been set at its ______________________.
Equilibrium
When the price of a product increases the demand for its substitute would (increase/decrease).
increase
When new technology is used in a factory making production more efficient, the supply curve for that product would shift to the (Left/Right)
Right
When a few companies dominant an industry this would be an example of a/an __________________ market structure.
Oligopoly
A restaurant determines that it costs $3.00 to make a hamburger and adds $2.50 to the price. This pricing strategy is called ____________ - ____________ pricing.
Cost-Plus
When there is more quantity supplied than demanded it is called a ___________________.
Surplus
When the price of a product increases the demand for its complement would (increase/decrease)
Decrease
Besides Sellers, Productivity, Input Costs other supply shifters would be T_______________, and E_____________.
Taxes/Subsidies
Expectations
Many sellers with I_________ goods is a characteristic of P_____________ Competition.
Identical
Perfect
A gas station lowers its price to be close to the other neighborhood gas stations. This is called __________________ pricing.
Competitive
When the price is below equilibrium there would be more quantity _________________ than quantity __________________.
Demanded
Supplied
What demand determinant would cause shift in the demand curve and prices to skyrocket when Taylor Swift appears on tour.
(Hint: TRIBE)
Taste
The price of sugar, an input for soda, increased. This caused a (Left/Right) shift in the supply of sugar and a/an (Increase/Decrease) in the price of soda.
Left
Increase
Which market structure is an example of a company that has no competition and control of their own pricing.
Monopoly
When a business prices an item at $19.99 rather than $20.00, this would be an example of ______________________ pricing.
Psychological
More quantity demanded than supplied would be called a __________________.
Shortage
If the demand for electronic vehicles grew, companies would reallocate R__________ in order to meet C_____________ demand.
Resources
Consumer
When the government pays the producers to make a product, this is called a __________________.
Subsidy
The market structure that has many sellers with similar products and uses advertising and promotions is called _________________ _________________
Monopolistic Competition
Businesses use pricing strategies like bundling to g____ or retain m________ share.
Gain
Market
Research indicated that consuming honey was healthy. Meanwhile, the bee population increased by 20% from the year before. So the new equilibrium price for honey would (increase/decrease/indeterminate)
Indeterminate