Subsidies cut by Congress is a non-price determinant of demand. TRUE or FALSE?
False
100
relationship between price and quantity supplied
What is positive/direct?
100
occurs when there is excess supply
What is surplus?
100
In a free market, who determines how much of a good will be sold and the price at which it is sold?
Who are consumers and producers?
200
increase in income should shift the demand curve to the...
What is right?
200
Suppose you make jewelry. If the price of gold falls, we would expect you to be willing and able to produce _____ (more/less) jewelry than before at each possible price.
What is more?
200
quantity supplied is equal to quantity demanded
What is equilibrium?
200
A price increase of Good A, would result in a __________ (decrease/increase) in quantity demanded.
What is decrease?
300
if two goods are substitutes for each each other, an increase in the price of one will __________ the demand for the other good
What is increase?
300
A dress manufacturer is expecting higher prices for dresses in the near future. We would expect the dress manufacturer to supply __________ (more/fewer) dresses now.
What is fewer?
300
lowest price that can be charged for a good
What is price floor?
300
A decrease in the price of cameras will shift the demand curve for film to the __________ (left/right).
What is right?
400
If consumers expect prices to rise in the future, their current demand will __________.
What is increase?
400
states, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa
What is the law of supply?
400
highest price that can be charged for a good
What is price ceiling?
400
Surpluses drive prices __________ (down/up) to equilibrium.
What is down?
500
__________ and quantity demanded have an inverse relationship
What is price?
500
inputs (costs of production) is a non price determinant of supply...true or false?
TRUE
500
quantity demanded is greater than quantity supplied