Graphs
The demand curve slopes
Downward
A product with elasticity greater than 1
Elastic
Cream cheese demand increases because demand for bagels increase
Complements
A group of buyers and sellers
Market
True or false: A product can shift from inelastic to elastic
True
The supply curve slopes
Upward
Electricity, water, food have low elasticities for what reason?
Necessities
You go from Ford Escape to an Aston Martin. The Aston Martin is a what in this scenario
Normal Good
The relationship between supply and demand (in most instances)
Inverse
Name a product whose demand increased during COVID
Multiple Answers
What is labeled on X-axis for a graph
When a product's elasticity is equal to 1
Unit elasticity
A sale for Nike has caused demand for Adidas to decrease
When there is only one seller of a product in a market
Monopoly
Name a product whose demand decreased during COVID
Multiple Answers
Supply/demand curves shift this direction when decreasing
Left
Elasticity when demand increases by 33% and price decreases by 11%
3
A busy tornado season would do what to the demand for lumber
Increase it
A market in which there are multiple buyers and sellers
Competitive Market
How to find market demand
Add demand of each consumer in the market at each price point
The price in which supply, in theory, will always be able to match demand
Equilibrium Price
Reason that elasticity of supply for housing on California coast is low
Cannot create more California coast
The variable that had the greatest impact on Blockbuster's downfall
Technology
Explain why demand curves slope downward and supply curves upward
Demand: Consumers are more willing to buy a product the less it costs
Supply: Manufacturers are more willing to produce a product when they can sell it for more
The number you get when calculating elasticity will always be this
Positive