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What happens when there is excess demand?

A shortage occurs, and price tends to rise to reach equilibrium.

When is allocative efficiency achieved?

When marginal benefit equals marginal cost and social surplus is maximized.

What are the three functions of the price mechanism?

Signaling, incentive, and rationing.

What is the law of supply?

As the price of a good rises, the quantity supplied increases, ceteris paribus.

What causes a shift in the supply curve?

A change in a non-price determinant of supply.

What causes a movement along the demand curve?

A change in the price of the good itself.

What is the law of diminishing marginal utility?

As consumption increases, the additional satisfaction from consuming one more unit decreases.

What is consumer surplus?

The difference between what consumers are willing to pay and what they actually pay.

What is the law of diminishing marginal returns?

As more units of a variable input are added, the additional output eventually decreases.

What causes an upward-sloping supply curve?

Increasing marginal costs and profit incentive as price rises.

What is market equilibrium?

The point where quantity demanded equals quantity supplied.

What is producer surplus?

The difference between the price producers receive and their minimum acceptable price.

What are non-price determinants of demand?

Income, tastes, future expectations, prices of related goods, and number of consumers.

What does a downward-sloping demand curve represent?

The inverse relationship between price and quantity demanded.

What is the income effect?

A lower price increases the consumer's real income, allowing them to buy more of the good.

What is the substitution effect?

As the price of a good falls, it becomes more attractive compared to substitutes, increasing demand.

What causes a shift in the demand curve?

A change in a non-price determinant of demand.

What causes a movement along the supply curve?

A change in the price of the good itself.

What is the law of demand?

As the price of a good falls, the quantity demanded increases, ceteris paribus.

List three non-price determinants of supply.

Costs of production, technology, and number of firms.

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Kentucky Bourbon Industry Braces for Potential 50% EU Tariff

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Soaring Sugar Prices and The Global Economic Impact

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WeWork Files for Bankruptcy Amidst Debt Challenges and Remote Work Shift

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Apple Braces for Potential Fourth Quarter Revenue Decline Amid Global Challenges

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Luckin Coffee sells big on their new Boozy Brew

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Lego Builds Success Despite Industry Decline

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Kleenex to Wipe Away Its Canadian Operations

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Pouring Money Down the Drain: The €200M Plan to Save Wine!

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Inflation Takes a Breather: US Sees Lowest Annual Rate in Over Two Years

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Oil Prices Bounce Back as Saudi Arabia Announces Major Output Cuts

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China’s Economic Recovery Boosts Sales for U.S. Companies

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Green power surge: Renewables shatter records in 2022

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Is the government to blame for Indonesia’s surging rice prices?

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War in the EV market as Tesla slashes prices again

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Funko Pop!’s biggest customer of the year so far… the trash can!

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Tesla slashes China prices in the face of fierce domestic competition

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UK prices spiraling upwards as inflation hits 40-year high

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Tesla has its own law of demand – profits soaring despite higher prices!

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Saudi Aramco profits increase by almost 300%

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Nut prices are hitting rock bottom as global demand remains low

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British Supercar manufacturer McLaren to cut more than 25% of their workforce

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Hundreds of thousands of extra workers to be employed by online delivery companies

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When supply outstrips demand: American wine at its lowest price in 20 years!

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Research shows excise tax to reduce alcohol consumption

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