Demand
The law of demand states, that as price increases __________ __________ _________
What is quantity demanded decreases
We expect this happen to quantity supplied if the price of a good increases.
What is quantity supplied increases.
This is a measure of how consumers react to a change in price.
What is price elasticity of demand?
This is the point at which quantity demanded and quantity supplied are equal
What is equilibrium?
This is the name for the market in which goods are sold illegally.
What is black market?
This will happen to demand for Raising Cane's if people find out its making them sick.
What is demand shifts left (decreases)
This will happen to supply of pizzas if a new pizza oven is invented making pizzas 2X faster.
What is it will increase (shift right)?
If a good is a necessity, it will have this type of elasticity of demand.
What is relatively inelastic?
This occurs when quantity supplied is greater than quantity demanded.
What is a surplus?
What is $7.25?
This will happen to the demand for chocolate if there is an increase in the price of chocolate.
What is nothing? (Quantity demanded will change)
If there is an increase in the price of cellphones, we expect will happen to the supply of cellphones.
What is nothing? (Quantity supplied will increase)
If a good has a lot of substitutes you can likely say this about it’s elasticity.
What is it is relatively elastic?
Minimum wage is an example of this type of price control.
What is a price floor?
This was first name of the guy who was a federal cheese grader in the video we watched in class. (not grater)
Who is Bob?
This will happen to the demand for canned meat, an inferior good, if there is an economic recession.
What is demand will increase (shift right)
If the government imposes excise tax on sugary drinks, this will happen to the supply of sugary drinks.
What is decrease? (shift left)
In the long run, demand for goods tend to become ________ elastic.
What is more elastic?
If supply increases and demand decreases, this is the impact on price and quantity.
What is price decreases, quantity is ambigous?
This state grows the most pumpkins.
What is Illinois?
Name the five demand determinants.
What is Taste, # buyers, consumer expectations, price of related good, and income
Name 4 shifters of the supply curve.
What is input costs, technology, number of producers, government policy?
If elasticity of demand is 2, you can say this about elasticity.
What is it is relatively elastic?
A price floor falls that below equilibrium, will impact the market in this way.
What is it will not impact the market?
Ms Wysocki's dog is named after this Marvel Character
Who is Rocket?