Shifting the Curve
A new 7-Brew location opens in town, what will happen to the demand for Starbucks?
Shift Left
The Price of fish has risen, how will it move along the curve?
The price will move along the curve to the left
You win $1000 from a lottery ticket, what Determinant is at play?
Income
The price of Celsius drops to $1 per can
Along the curve to the right
Define Compliment Goods
Goods that commonly go together.
The Vikings are expected to go to The Superbowl this year, how will ticket demand shift?
Shift to the right
The Price of mangos has fallen, how will it move along the curve?
It will move along the curve to the right
McDonalds pairs with K-Pop Demon Hunters for their new happy meal, what Determinant is at play?
Market Size
Beef has been proven to prevent heart conditions!
Curve would shift right
Define Substitute Goods
Goods that can be used to replace the purchase of a similar good
Dr. Pepper goes on a super sale! What will happen to the demand for Pepsi?
It will shift left
If Price Increases, what happens to quantity demanded?
It goes down
Oreos go on sale for $2 a pack, in turn, the demand for Milk shifts right, what Determinant is at play?
Price of Related Goods
If demand for chicken has shifted right, what is the curve for pork doing?
Moving along the curve to the left (increase in price)
Define Demand
The amount of a good or service that a consumer is willing to and able to buy at VARIOUS POSSIBLE PRICES during a given time period
Uggs have become the "Shoe-Of-The-Year", what will happen to the demand for Uggs?
It will shift right
Demand for beef has shifted left, what can we assume about the price of pork?
It is moving along the curve to the right (lowering in price)
The price of Silver is expected to skyrocket tomorrow- causing people to buy it today, what Determinant is at play?
Consumer Expectations
Demand is Shifting right
Define Law of Demand
An increase in the good’s price causes a decrease in the quantity demanded.
A decrease in price causes an increase in the quantity demanded
The government enacts a 20% tax on Needohs, how will demand be affected? AND what determinant is at play?
Demand would shift left - Market Size (Government Decisions
The price of lettuce has risen, what will happen to the price of ranch?
Nothing, demand would shift left
Keto diets have become increasingly popular on TikTok, causing all Keto products demand to shift right, which Determinant is at play?
Consumer Tastes and Preferences
The Price of Frosting decreases- what would this look like on a graph? What would happen to the demand of Cake mix
2. Demand would shift right
Name all FIVE Determinants
Consumer Taste & Preferences
Price of Related Goods
Market Size
Consumer Expectations
Income