When the Supply Curve and Demand Curve cross paths on a graph, what is the point of intersection called?
Equilibrium
100
hot dog and buns
complements
200
True or False: The price and quantity of a product on a Supply curve relate inversely.
False
200
True or False: The Law of Demand claims that the price and quantity demanded of a product are related inversely.
True
200
Prices of Bananas skyrockets - Affect on production of Strawberry Banana Smoothies
Input Costs
200
Any point on a supply and demand curve that is not where the two curves meet is called this
What is disequilibrium?
200
Iphones and Android Phones
substitutes
300
When supply curve shifts to the right and the demand curve does not change, what affect does it have on the equilibrium price?
goes down
300
What can cause movement along a demand curve?
Increase in number of sellers
300
Zombie apocalypse wipes out 50% of US
Market Size
300
Give one example of a price floor, what does a price floor create?
Minimum wage, surplus
300
When the quantity demanded is greater than the quantity supplied, we have a...
Shortage
400
High-fructose corn syrup, which is derived from corn, is an important ingredient in the production of many soft drinks. If the price of corn increases, one would expect:
the supply curve for soft drinks to shift left
400
True or False: According to the law of demand, if the price of steak increases in Rhode Island, the demand for steak will decrease in Rhode Island.
False
400
P. Diddy decides to come out own brand of hand knitted sweaters - P. Knitty
# of Producers
400
A chart that helps an business determine at what prices demand will increase
What is a demand schedule?
400
When quantity supplied is larger than quantity demanded, we have a...
Surplus
500
List three factors that will shift a supply curve to the right.
a. Improvement in technology
b. Decrease in the price of inputs
c. Increase in number of producers
500
List three factors that will shift a demand curve to the right.
a. Increase in population or consumer size
b. Decrease in a complementary product
c. Increase in a substitute product
d. Improvement in consumers taste in product
500
Minimum wage gets raised from 8 bucks to $150/hour
Income
500
If a price ceiling is set below the equilibrium it results in this kind of disequilibrium
What is shortage?
500
Polo Button Down Shirt and an Old Navy Button Down are examples of what types of goods