Law of Supply/Determinants of Supply
What is the acronym for the determinants of supply
Two Girls Can Eat Nine Eggs
Technology, Government Regulations, Cost of Production, Education, Number of Producers, Expectations of producers
What is the acronym for determinants of demand
TIMER
Taste, Income, Market size, Expectations of Customers, Related goods
Quantity lies on what axis
X-Axis
What determinant causes a shift because of the government?
If there is a decrease on a demand graph because of the population size, what determinant is it?
Market size
What is the point of intersection between supply and demand called?
Equilibrium Price
If people leave one job for another what determinant is it?
Number of producers
If the price of one good goes up and one goes down, what determinant is it?
Related Goods
A surplus occurs when what happens
When quantity supplied is higher than quantity demanded
If there is a decrease in the supply, the curve will always shift____?
Left
If there is an increase in demand, the graph will shift which way
To the Right
A ceiling floor lies where on the graph
Above the Equilibrium Price
A supply line goes which way on a graph
Up and to the right.
A demand line always goes which way on the graph
T/F Price causes a shift in demand
False