LC3: LearningCurve - Ch. 3: Supply and Demand
Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25.
Quantity Demanded Decreases
Sharp increase in the price of wood causes increases in prices for dressers and desks.
Quantity Demanded Decreases
Buy one get one free special for mp3 albums on Amazon.
Quantity Demanded Increases
Groupon has a Groupon for $6 off the price of laser tag.
Quantity Demanded Increases
Week long special at the grocery store, where pork shoulder is on sale at $1.99 a pound, down from $3.99 a pound.
Quantity Demanded Increases
Total producer surplus is measured by the area _____ and below the price.
above the supply curve
Which will shift the supply curve?
changes in taxes and subsidies
Which does not shift the supply curve?
changes in the price of a substitute
The demand curve
is a graphical representation of the relationship between price and quantity demanded.
Producer surplus is the difference between the _____ price and the minimum price at which a producer would be willing to sell a particular quantity.
market
Consumer surplus is the difference between the _____ the consumer is willing to pay for a good and the market price.
maximum price
A change in _____ does not shift the demand curve.
opportunity costs
The _____ shows the quantity supplied at various prices.
supply curve
How many more chicken feet were demanded in 20182018, at a price of $0.50 a pound, than in 2008? Based on the demand schedule, you conclude
9.7 million pounds
