Supply and Demand

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

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

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

Back

Complements

Front

Which of the headlines could indicate the decrease in supply in the market for apples?
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

If the price of beef increases leading you to buy more chicken instead, this is an example of the 

Back

substitution effect

Front

If farmers stopped growing potatoes because it was too hard, this would cause the ___________ curve for  to shift ____________.

Back

supply....... left

Front

If Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.

Back

demand.........right

Front

If sandals suddenly became very popular, what would happen to the market for basketball shoes? This would cause the ___________ curve for basketball shoes to shift ____________.

Back

demand.........left