the point in which quantity demanded and quantity supplied matches at a given price is called what?
equilibrium
increase in demand
Weather forecasts that a hurricane will be hitting Charleston in the next few months. Demand for umbrellas and hurricane proofing products rise significantly. what is the factor
consumer expectations
an increase in government regulation will do what to supply?
decrease
The Law of Demand states that:
a. price increases, the quantity demanded increases
b. price increases, the quantity demanded remains the same
c. price decreases, the quantity demanded decreases
d. price decreases, the quantity demanded increases
d
Joe Swanson
if there is a surplus, what must the price do in order to reach equilibrium?
decrease
What is the change?
increase in supply
a rumor or bad review will shift the demand curve to the left. which demand-changing factor is this an example of?
consumer trends/image
# of suppliers
A graphical representation showing the quantity demanded at each price is:
a. the law of demand
b. a demand schedule
c. a demand curve
d. change in demand
C
Brock
if there is a shortage, what must the price do in order to reach equilibrium?
increase
elastic or inelastic or unit elastic?
ineslastic
price of coke rises, causing the demand of pepsi to increase. what is the factor that is being shown here?
substitute
farmers receiving government money to keep them in the farming industry, causing the supply to rise. what is the factor here?
subsidy
A change in quantity demanded can only be caused by what?
a. price
b. number of consumers
c. consumer tastes
d. complements
A
shnitzel
what is this graph showing
decrease in demand
complements
price of glass, a key resource used for making watches, decrease. what is the factor being used here?
cost of inputs
What does the law of supply state?
As Price increases, quantity supply increases
Mordecai and Rigby
What is the Equilibrium Price? What is the QD and QS at equilibrium?
$3, 4 units
what are the two changes?
increase in supply, increase in demand
employees at TL Hanna get a 10% pay raise for their performance in semester 1. this causes the demand for Zaxbys to rise. what is the factor being shown here?
workers at the BK decide to work harder to beat the other store's sales number so that they can get a pay raise. this is an example of what supply factor?
productivity
draw the change in supply/demand and correct factor based on the following:
The price of glass, a key resource used for making watches, decreases. Show how this would impact supply or demand for Fossil watches.
increase in supply due to cost of inputs
Jorgen Von Strangle