ECO 162 (BASIC)

The graph represents: Demand or Supply?

• Demand

• Supply

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease

What kind of graph is this?

• Supply
• Demand

What is Equilibrium?

• Price that buyers & sellers will accept
• Price that equals Goods

What is a causes a shift for Demand? (HINT: MERIT)

• Weather
• Population

VOCABULARY: The lowest legal price that can be paid for a good or service.

• Price Floor
• Price Ceiling
• Minimum Wage
• Subsidy

VOCABULARY: A maximum legal price that can be charged for a product.

• Price Floor
• Price Ceiling
• Subsidy
• Minimum Wage

Elastic or Inelastic

• Elastic
• Inelastic

Elastic or Inelastic

• Elastic
• Inelastic

VOCABULARY:The combination of desire, ability, and willingness to buy a product.

• Demand
• Supply
• Equilibrium Price
• Price Floor