Demand
What determinant impacted the change in demand when Coca-Cola brought back their original formula after widespread anger over New Coke?
Consumer Tastes
What determinant of supply would be affected with the recent tariffs imposed on trading partners and foreign products?
Taxes and Subsidies
Supply and demand curves shift in this direction when there is an increase.
Right/Outward
When the government places an excise tax (or what some refer to as a "sin" tax) on cigarettes, it's considered a negative this.
Incentive
If the price of mobile phones increase and the demand for game apps decrease; it is because the apps are this.
Complementary Goods
What determinant of supply would cause computer manufacturing to decline because the price of motherboards increased?
Input Costs
Perfect Competition
This point is what you get when supply meets demand.
Equilibrium
In 2023, the Inflation Reduction Act capped monthly insulin prescriptions at $35 per month. What type of control is this?
Price Ceiling
Demand for a good will likely decrease when more of these types of goods are sold at a lower price.
Substitute Goods
In the production process, these are costs that change at different levels of productivity.
Variable Costs
In this market structure, there are many varieties of a similar product with differentiated prices based on input costs, branding, and demand.
Monopolistic Competition
If the price of a good is set higher than the equilibrium price, this will occur.
Surplus
The acceptable rate of this, the general rise in prices, is between 2% and 3%.
Inflation
Medicine and gas are considered this, because a change in price isn't going to have a huge affect on their demand.
Inelastic
What determinant affected the supply when OPEC implemented an embargo on the United States?
Number of Sellers
In this market structure, firms can collude and have a huge influence over setting prices.
Oligopoly
For a price ceiling to have an effect, it must be placed here in relation to the equilibirum price.
Below
This rate is the price of one nation’s currency in terms of another nation’s currency.
Exchange Rate
Consumer Income
If producers believe that the price of their product will increase later, they will withhold part of their supply until that occurs. What determinant is this?
Expectations
A producer usually has the greatest influence on price in what market structure?
Monopoly
This law explains why demand curves trend downards as quantity demanded increases.
Law of Diminishing Marginal Utility
What year was the current minimum wage of $7.25 per hour set?
2009