Supply
When looking at a graph, how do we determine which line represents supply?
What is the line that is moves up?
When looking at a graph, how do we determine which line represents the demand curve?
What is the line that goes down?
The pint at which supply and demand meet
What is equilibrium? Will accept marking-clearing price too.
What is demand increased because of income?
Hot dogs and Buns
What is related products (complements)?
Supply is from the perspective of the
What is producer or supplier?
Demand is from the perspective of the
What is the consumer or buyer?
Surplus
A new study came out that days drinking mountain dew will reduce your life expectancy by half. What will happen to the demand for mountain dude and what is the shifter (BRIDE)?
What is demand will decrease because of new information (desire of consumers)?
Ramen noodles is an example of
What is inferior goods?
The Law of Supply States that as prices increase, supply does this
What is increase?
The law of demand states that as prices decrease, demand does this
What is increase?
If a price ceiling is set below the equilibrium in results in this
What is a shortage?
The rent for your t-shirt printing shop decreased. What will happen to the supply of t-shirts and what is the shifter? (GROOM)
What is supply will increase because operating costs decreased?
Xbox and Playstation
What are related products (substitute)?
A decrease in the supply curve means the curve moves
What is to the left?
If the demand for a product increases what will happen to the market price and quantity?
If the supply of a product decreases what will happen to the market price and quantity?
What is it will fall?
Gold is found in California. What will happen to the demand for homes here and what is the shifter (BRIDE)?
What is Demand will increase because of the number of buyers?
Minimum wage is considered a price _____ because it is the lowest wage allowed by law.
What is price floor?
Shifts that affect the supply curve. (GROOM)
What is government intervention, resource costs, operating costs, outlook for the future, and market competition?
Shifts that affect the demand curve. (BRIDE)
What are price and quantity?
A flower shop is going out of business in town. What happens to the supply of flowers and what is the shifter (GROOM)?
Rent control is an example of a price ______ because it is government intervention limiting the rise of a price.