DEMAND
What happens to Quantity demanded as price goes up?
Quantity Demand goes down.
What happens to supply as price goes up?
Quantity Supplied increases
What is the place on the graph called where supply and demand meet?
equilibrium price
What values are on the horizontal and vertical axes of supply and demand graphs?
Horizontal- quantity
Vertical- price
What is the theoretical probability of rolling a dice and landing on an even number.
3/6
What happens to demand as income increases?
Demand increases.
What happens to the supply of Corn Flakes if there is an increase in the cost of corn?
The Supply decreases.
Shift to left
Determinate: resource
Price flooring creates a __________when it is ________ equilibrium price
What is surplus,above
What direction do demand curves go and why?
Downward- As price increases, demand decreases.
The constitution consists of this many articles
What is 7?
What happens to demand as market size decreases?
Demand decreases.
What happens to the supply of beef if cattle ranchers receive a government subsidy?
The supply increases.
Price ceiling creates a ________ when it is _________equilibrium price
what is below?
This is the main purpose for graphing supply and demand.
To determine the equilibrium price
This country is directly east of Argentina
What is Chile
What happens to the demand for butter if the price of margarine goes up? Why?
The demand for butter increases. They are substitute goods.
What happens to the supply of ice cream if an ice cream company goes out of business?
The supply decreases.
Shift to left
number of sellers
What is minimum wage an example of?
A price floor
If the government announces today that a tax increase of 50 cents per pack of cigarettes is to take place in two weeks, what would you expect to happen today to the current market for cigarettes?
Demand increases
Shifts to right
future expectations
An Ionic compound is made up of a _______ and _________
what is metal and nonmetal
Name all determinants of demand.
Biter
Number of buyers, income, taste, expectations, related goods (compliments and substitutes)
Name at least all determinants of supply.
STONER
subsidies/taxes, technology, other goods, number of sellers, expectations, resources.
What happens if a price flooring is set below equilibrium
what is no effect.
Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium. Assume further that Hurricane Marilyn destroys much of the Jamaican sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Analyze the effect of the hurricane on the markets for each of the three goods. Explain using graphs.
Sugar cane: Supply decreases(shift Left)
Rum: Supply Decreases (resource becomes more expensive)
Whiskey: Demand increases (Rum, a substitute, is now more expensive)
The baseball that was hit over the fence in the famous kids movie sandlot, was signed by this legendary baseball player.
Babe Ruth