Show:
Demand
Shifts in Demand
Supply
Price
Elasticity
100
A chart that represents the law of demand that lists the quantity demanded for a particular price.
What is a demand schedule?
100
Sox tickets are what type of good?
What is a normal good?
100
A chart that represents the law of supply that lists the quantity supplied for a particular price.
What is a supply schedule?
100
Price equilibrium takes place at this point.
What is where the demand curve intersects with supply curve?
100
Heart medication. Elastic or Inelastic?
What is Inelastic?
200
A graphic representation of the quantities of a good that will be bought at each price.
What is a demand curve?
200
What would happen to the demand for Plainfield housing as many people move to the suburbs from the city?
What is a increase in demand?
200
What direction does a supply curve slope?
What is down and to the left / up and to the right?
200
This occurs when quantity supplied is not equal to quanity demanded.
What is disequlibrium?
200
P decreases 5% and Q(d) increase 12%. Elastic or Inelastic?
What is Elastic?
300
According to the law of demand: Price decreases, Quantity does what?
What is Increases?
300
What would happen to the demand for butter if margarine were to become less expensive?
What is a decrease in demand?
300
According to the law of supply: Price increases, Quantity does what?
What is increases?
300
When the actual price in a market is below the equilibirum price.
What is Excess Demand?
300
If this good is inelastic when Q(d) increases 10%, Price must do what?
What is Decrease by > 10%
400
According to the law of demand: Price increases, Q does what?
What is decreases?
400
Nike shoes and Addidas shoes are these types of goods.
What is substitute goods?
400
A rise in the cost of an input will cause supply to do what?
What is decrease in supply / shift to the left?
400
When quantity supplied exceeds quantity demanded at a given price?
What is a surplus?
400
If this good is elastice when P increases 17%, Q(d) must do what?
What is Q(d) decreases > 17%
500
When a consumer has a demand they are _____ and _____ to buy a good or service.
What is able & willing / desire & capability?
500
What would happen to the demand for generic cereal if income decreased?
What is increase in demand?
500
An engineer invents a machine that can sew ten backpacks a minute, speeding up production. How does this effect supply?
What is increase supply / shifts to the right?
500
The government can impose this or a maximum price for a good or service.
What is a price ceiling?
500
State the formula for elasticity.
What is % change in Quanity demanded /(OVER)/ % change in Price.