Economics Unit 3

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

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

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases

A government payment made to a business is a

• tax
• regulation
• subsidy
• resource

A change in quantity demanded is shown

• as movement along the demand curve

• with a new demand curve drawn above or below the original demand curve
• with a vertical line

Consuming more of one good because of a change in price of another good is known as the 

• income effect
• substitution effect
• elasticity effect
• demand effect

A table that lists the quantity of a good that a single person will buy at each price in a market.

• demand schedule
• market demand schedule
• elasticity chart
• supply and demand graph

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected

The price of Clif Bars increases. What happens to the market for Powerbars?

• Demand increases

• Demand decreases

• Supply increases

• Supply decreases