Economics 3

According to the law of supply:

_________________ refers to the total number of units that are purchased at that price.

When quantity demanded decreases in response to a change in price:

Any given demand or supply curve is based on the ceteris paribus assumption that ___________________.

After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is:

______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.

In economics, the demand for a good refers to the amount of the good that people:

The demand curve for a typical good has a(n):

The nature of demand indicates that as the price of a good increases:

But nearly all supply curves share a basic similarity: they slope _______________

The downward slope of the demand curve again illustrates the pattern that as _____________ rises, _________________ decreases.

The ___________ is the only price where quantity demanded is equal to quantity supplied.

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the __________________ .

If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that:

A demand curve shows the relationship between price and _________________ on a graph.

Which of the following would reduce the supply of microcomputers?

The ____________ is the quantity where quantity demanded and quantity supplied are equal at a certain price.

When __________________, a firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the right.

If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase.

The term "ceteris paribus" means that:

If new manufacturers enter the computer industry, then (ceteris paribus):

The demand schedule for a good:

Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market."

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:

A change in price of a good or service typically causes ___________________________ for that specific good or service.

If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________

When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.

A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ____________, shown on the horizontal axis.

A report surfaced lately that President Obama has given the order to federal agents to "round up" farm workers that have illegally entered the U.S. and deport them. The impact of this order on the market for vegetables will be a leftward shift of:

the downward slope of the demand curve again illustrates the pattern that as _____________ rises, _________________ decreases.