Supply and Demand Review

If supply increases then price

• decreases

• increases

• stays same

• can't tell without more info

If demand increases then price

• decreases

• increases

• stays same

• can't tell without more info

If supply decreases then price

• decreases

• increases

• stays same

• can't tell without more info

If demand decreases then price

• decreases

• increases

• stays same

• can't tell without more info

If demand decreases while supply increases then prices will

• decrease

• increase

• stays same

• can't tell without more info

If demand increases while supply decreases prices will

• decrease

• increase

• stays same

• can't tell without more info

The news has just reported that people have been poisoned after buying tylenol bottles that had been tampered with. What will happen to demand

• increase

• decrease

• stay the same

• not info info to tell

The news has just reported that people have been poisoned after buying tylenol bottles that had been tampered with. What factor is going to cause a change in its demand?

• price change

• expectation of buyers

• population

• quotas

A storm blew a large cargo ship off course blocking the Suez Canal. Other ships had to reroute around Africa. What happened to the supply of goods going to Europe?

• increase

• decrease

• stay the same

• not info info to tell

A storm blew a large cargo ship off course blocking the Suez Canal. Other ships had to reroute around Africa. What factor is affecting the supply of goods to Europe?

• price of inputs

• substitutes

• weather (acts of God)

• number of firms in the industry