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Warmups Jan. 19-22, 2016 Tuesday, Jan. 19, 2016 Most countries, including the United States have ______________________ economies If two similar businesses competed against each other, the result would be A. lower prices b. higher prices C. lower quality goods D. the businesses will merge Who owns and controls the resources in a market economy? A. government B. the consumers C. entrepreneurs D. the chief Wednesday, Jan. 20, 2016 The Law of Supply says that A. As price goes up, supply goes down C. As price goes down, supply goes up B. As the price goes up, so does the supply D. As price goes down, there is equilibrium The Law of Demand says A. As the price rises, equilibrium will be reached C. As the price rises, supply goes dow B. As the price rises, demand will as well D. As the price rises, demand lowers Thursday, Jan,. 21, 2016 According to supply and demand, as the market price drops, quantity supplied __________ and quantity demanded ______________. A. rises, rises B. falls, falls C. falls, rises D. rises, falls The graph at left shows the law of _______________________. I know this because it shows __________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ Friday, Jan. 22, 2016 The graph at the left shows the law of ____________________________. I know this because _________________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ The graph at left is of apartment rentals. The owner has in the past been paid the equilibrium price of ___________________. The government has now decided that prices for apartments are too high and sets a price ________________ at $400. What will happen to supply and demand at this new price as shown on the graph? __________________________________________________________ ________________________________________________________________ ________________________________________________________________
