LC3: LearningCurve - Ch. 3: Supply and Demand

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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


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