If Pepsi goes on sale, what will happen to the demand for Coca-Cola?

Complete the following sentence: If people think that the price of televisions will decrease in the near future, that belief may cause a(n)

A supply curve is a graphical illustration of the relationship between quantity supplied and

The point at which quantity demanded equals quantity supplied is called

A ruthless dictator has recently taken over the small island of Tokoli’s government and is making changes to how the government and economy used to be. One of his first actions is to enforce a command economy so as to control all aspects of the country. As you watch this new dictator’s changes, which of these actions would be in line with this new command economy he is creating?

Suppose Congress passes legislation that offers subsidies to orange farmers. The impact on the market for orange juice will be a rightward shift of

Tangi Tumolo carves and creates beautiful furniture on the island of Kiribati. Each month he takes the furniture to the capital city of South Tawara and sells what he can for the best prices he can. He also takes orders from people each month to build certain furniture indicating what is currently in demand. Each month the prices and products very a bit depending on the demand in the market. Tangi enjoys the ebb and flow of the changing market as it keeps his business interesting and current with demand. Kiribati’s government takes a ‘hands off’ approach with the economy and the market is thriving on its own. Tangi Tumolo lives in what type of economy?

In 1973 Arab countries imposed an oil embargo on the United States and other developed countries in the aftermath of the Yom Kippur war. At the same time improved infrastructure and increased income was altering consumer preferences in favor of automobiles over public transportation. If you were drawing a supply and demand graph to illustrate the change in the gasoline market in 1973-1974, what would you say has happened to the supply and demand curves and the equilibrium price and quantity during this time period?

There is a tax rebate that everyone in the nation receives from the government of $1000. The market for laptops notices a shift because of this. What effect will this rebate have on the laptop market?

If a perfume store currently sells perfume for $30 a bottle and averages $2000 sales per month, what sales might they anticipate if they raise the price to $40 a bottle?

The supply curve will shift to the right if which of the following occurs?

The cost of leather used to produce leather jackets falls by 30%. This will result in ________.

Excess demand occurs when the actual price in some market is ________ the equilibrium price.

Which of the following will cause the supply curve to shift to the left?

Which country has characteristics of a command economy?

The price of printers at the big box technology stores increases as a new type of print technology is rolled out to consumers. Which of the following scenarios for a complementary printer good would likely take place?

A decrease in the quantity supplied can result from

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