Supply and Demand Review

Front

What does this curve represent?

Back

supply

Front

What does this curve represent?

Back

demand

Front

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

Back

increase; substitutes

Front

If the price of printers goes down, what happens in the market for ink cartridges?

Back

Demand increases.

Front

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market? Options: Pesticides on apples linked to mouth cancer., Storms destroy apple orchards., An apple a day really does keep the doctor away., New genetic strain leads to apple trees that produce twice as many apples.

Back

Storms destroy apple orchards.

Front

Printers and ink cartridges are typically purchased together. Economists would call these

Back

Complements

Front

A government payment made to a business is a

Back

subsidy

Front

The following is a factor that will not cause the demand curve to shift: Advertising, Population, Price, Consumer expectations

Back

Price

Front

A change in quantity demanded is shown

Back

at various points on the demand curve

Front

If a consumer knows that a product will be going on sale next week, how will his/her CURRENT demand be affected?

Back

it will go decrease