Supply
Supply comes primarily from what group
What are businesses/companies?
Draw what would happen to supply and demand for iPhones if Samsung dramatically decreases their prices.
Decrease in demand for iPhones
The point at which supply and demand meet
What is equilibrium?
Draw what would happen to the supply and demand for smoothies if banana prices skyrocket
Supply would decrease
What is on the x axis on the supply and demand graph?
Quantity
When supply curve shifts to the right, what affect does it have on the equilibrium price
Decreases
What would happen to demand if there are more consumers in the market.
Demand would increase
Draw the supply and demand curve for all goods if zombie apocalypse wipes out 50% of US
Demand would decrease
What is on the y axis on the supply and demand graph?
Warriors set price limit on tickets for 2026 season at $50. This is a example of a...
Price Ceiling
When supply decreases, this happens to price.
Price increases
This happens to price and quantity when demand decreases.
Price decrease and quantity decreases
Demand would decrease
Government declares that milk must be sold for at least $3/a gallon. This is an example of...
Price Floor
One example of why supply might increase or decrease.
What is change in number of consumers, change in profit opportunities, change in factors of production, change in technology, change in producer price expectations.
A product that is used in conjunction with another product
What is a complement?
Draw what would happen to supply and demand for burritos if two new burrito shops open on Webster
Supply would increase
Food from Safeway and food from the Dollar Tree are examples of what types of goods
Normal and Inferior