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100

What represents the aggregate of all amounts of a product or service available at all price levels ?

What is the supply curve?

100

This is the largest factor in determining demand.

What is price

100

What are the two axis of  a market graph?

Price and quantity

100

If milk has a negative cross elasticity with cereal and a positive elasticity with orange juice, what is there relationship?

Milk and cereal- complements

Milk and orange juice- substitutes

100

What happens during Black Friday sales?

Increase in supply to bring the prices down and cause a higher quantity of equilibrium.

200

In what direction does the supply curve go?

From left to right, in a north-east direction , towards the up right corner.

200
Demand curve looks at goods and services through the eyes of?
What is consumer
200
What do stores do that have excess supply?
What is a sale
200
Why is apple juice elastic and gasoline is inelastic?
What is apple juice can be replaced by another drink, gas can not be replaced to run a car.
200

What happens during summer electricity rates?

Demand increases so market price is raised. 


300

This is the main goal of a supplier.

Maximize its profits

300
The demand curve increases in quantity as price
What is decreases
300
What do stores do when they have excess demand?
What is raise the price.
300

Elastic demand is very sensitive to what?

What is change in prices.

300

Which of the following is more inelastic? (apples-tomatoes or kiwi fruit)

Kiwi fruit- it takes longer than tomatoes to grow, but the areas it can be grown are far more scarce than apples.

400

According to supply, as quantity increases, price...

What is increases

400
A product that must be used in conjunction with another product
What is a complement
400

How can supply and demand quantities be unbalanced?

When the government introduces a price floor or price ceiling.

400

When  consumer demand increases to infinity with a price decrease and decreases to zero when the price increases. They most have perfect substitutes?

Perfectly elastic goods (vegetables , in Mexico tomatoes or corn, minimum wage workers, etc). 

400

What is more elastic? clown shoes, a clown nose or a multicolor wig?

Elastic- the clown nose because it has far less uses (it is less needed).

500

What are the supply shifters? 

Hint: Rotten

Resources

Other goods

Technology

Taxes

Expectations

Numbers of sellers

500

What are the demand shifters? Hint: TRIBE

Tastes

Related goods

Income

Buyers

Expectations

500

Under what circumstance is it possible to increase the quantity of equilibrium and keep the same price?

What is a double shift?  (if both supply and demand shift)

500
These goods can be life-saving, essentials with no substitutes like water?

Perfectly inelastic

500

Organize from 1 (most elastic) to 3 (most inelastic)

food, sleep and water.

Food (15-22 days)

Sleep (7-11 days)

Water (3-4 days)