Unit 2 Review: Supply & Demand | Economics

In the market for corn tortilla chips (a junk food), what would cause a price increase?

• There is a fungus that kills much of the corn crop in Nebraska.
• John Cena
• The price of peaches declines
• market equilibrium

When buyers purchase exactly as much as sellers are willing to sell, what condition occurs in the market?

• market equilibrium
• Compliments
• Substitute goods
• input costs

the cost of producing the good increases/decreases based on the materials necessary to produce

• input costs
• market equilibrium
• There is a fungus that kills much of the corn crop in Nebraska.
• shifts

A shift to the _______ indicates an increase in supply

• right
• south
• market equilibrium
• left

A shift to the _______ indicates an decrease in supply

• left
• north
• input costs
• direct

Supply has a ________________ relationship between price and quantity supplied

• direct
• left
• right
• supply

the amount of “stuff” that is produced by firms and offered for sale.

• supply
• direct
• left
• the estimated amount of a given commodity (good or service) people will buy at different prices

In economics, DEMAND is...

• the estimated amount of a given commodity (good or service) people will buy at different prices
• supply
• for nerds
• Coke & Pepsi

Which two of the following goods are SUBSTITUTES?

• Coke & Pepsi
• Tacos & babies
• supply & demand
• None of em!

A typical DEMAND CURVE...

• slopes DOWNWARD to the RIGHT
• Coke & Pepsi
• the estimated amount of a given commodity (good or service) people will buy at different prices
• looks so cool