Front

Why does new technology that advances the rate of furniture assembly change the supply?

Back

Change in cost of production

Front

Graph shows which of the following?

Back

a decrease in quantity demanded and a decrease in supply (shift)

Front

Headlines indicating a shift in the apple market.

Back

Storms destroy apple orchards.

Front

Which of the following is NOT a determinant of the supply of peanut butter?

• The price of peanuts
• The wages of peanut butter factory workers
• The income of peanut butter consumers
• Existing peanut butter making technology

Back

The income of peanut butter consumers

Front

What will cause an increase in demand for snowboards? Options: More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population.

Back

A decrease in the price of lift tickets at resorts in Colorado.

Front

What does a “surplus” (extra amount) of goods in a market imply?

Back

Prices are too high

Front

What happens to the market for gasoline when Americans revive their love of SUVs and the newly remodeled, but still “gas guzzling” Hummer?

Back

Demand for gasoline will increase

Front

What happens to the market for gasoline if drilling is allowed in the Alaskan Arctic Preserve?

Back

Supply for gasoline will increase

Front

Complementary Goods

Back

Goods that are commonly used with other goods

Front

If only the price for a good or service changes, does the demand curve shift? Why or why not?

Back

No, Because price does not shift the curve. Price stays on the line