Supply and Demand

Identify the cause of an increase in quantity supplied

• An increase in the price of the product

• A decrease in the price of the product

• An increase in the costs of production

• A decrease in the costs of production

Identify the impact an increase in the price would have on demand for cupcakes

• An increase in demand for cupcakes

• A decrease in demand for cupcakes

• An increase in the quantity demanded of cupcakes

• A decrease in the quantity demanded of cupcakes

Identify the graph that illustrates an increase in supply

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Identify the graph that illustrates an increase in quantity demanded

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Identify the graph that illustrates the impact of an increase in advertising

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Identify the graph that illustrates the impact of a decrease in costs of production

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Identify the graph that illustrates the impact of an increase in technology in production

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Identify the cause of an increase in demand for pancakes

• An increase in advertising for pancakes

• An increase in the cost of producing pancakes

• Incomes of consumers decrease

• Pancakes become less desirable

Identify the impact on the demand for cupcakes if the price of pancakes increases.

• Demand for cupcakes will decrease

• Demand for cupcakes will increase

• The quantity demanded for cupcakes will decrease

• The quantity demanded for cupcakes will increase

From an economic perspective, cupcakes and pancakes could be considered to be...

• Delicious

• Complementary Goods

• Substitute goods

• Merit goods