Supply & Demand
This law states that as the price of a good increases, the quantity consumers demand decreases.
What is the Law of Demand?
Consumer income, tastes, and the number of buyers are all examples of these.
What are demand shifters?
This is the point where quantity demanded equals quantity supplied.
What is market equilibrium?
This measures how responsive consumers are to a change in price.
What is elasticity?
Ms. Lafferty's first name
What is Lauren?
This law states that as the price of a good increases, the quantity producers are willing to supply increases.
What is the Law of Supply?
Technology, input costs, and taxes are all examples of these.
What are supply shifters?
This market condition occurs when quantity demanded is greater than quantity supplied.
What is a shortage?
This formula is used to calculate price elasticity of demand.
What is percentage change in quantity demanded divided by percentage change in price?
The mascot of Ms. Lafferty's highschool.
a. Lions
b. Dragons
c. Eagles
d. Wildcats
What is D, Wildcats?
The entire relationship between price and the amount consumers are willing and able to buy.
What is demand?
When the cost of cheese increases for pizza restaurants, the supply curve shifts in this direction.
What is to the left?
A store has 800 customers who want a product but only 500 units available. This is the market condition, involving a difference of 300 units.
What is a shortage?
When price increases by 20% and quantity demanded decreases by 40%, demand is classified as this.
What is elastic?
This is the only letter that does not appear in the name of any U.S. state.
What is Q?
A new health trend says that broccoli is the new superfood that makes you live forever. The demand curve shifts in this direction.
What is to the right?
Financial assistance from the government that encourages producers to make more goods is called this.
What is a subsidy?
When a market experiences a shortage, prices will generally move in this direction as buyers compete for limited goods.
What is Up?
When price increases by 10% and quantity demanded decreases by 5%, demand is classified as this.
What is inelastic?
This country has won the most FIFA Men's World Cup titles.
What is Brazil?
This occurs when a product's own price changes, causing a change in quantity demanded or quantity supplied without shifting the entire curve.
What is a movement along the curve?
When factories adopt technology that lowers production costs, supply increases, equilibrium price decreases, and this happens to equilibrium quantity.
What is an increase?
How do shortages and surpluses affect prices as a market moves toward equilibrium?
What is shortages push prices up, while surpluses push prices down?
A product's price increases from $20 to $25, and quantity demanded decreases from 100 units to 60 units. Calculate the price elasticity of demand and classify it.
What is an elasticity of 1.6, making demand elastic?
The year the Titanic sunk.