Unit 3 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

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
• inverse

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

• supply
• direct
• left
• demand

In economics, DEMAND is...

• the estimated amount of a given good or service people will BUY at different prices

• supply
• for nerds
• the estimated amount of a given good or service people will SELL at different prices

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
• slopes UPWARD to the RIGHT

• looks so cool

When the demand curve shifts to the RIGHT this is called...

• an INCREASE in DEMAND

• an INCREASE in QUANTITY DEMAND

• Coke & Pepsi
• a DECREASE in DEMAND