ECON 103 Study Guide - Quiz Guide: Legality Of Cannabis, Demand Curve
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1. For each of the following products explain whether the change in market price and quantity sold reflects a shift in supply or a shift in demand.
Product |
Prices |
Quantity sold |
Supply or demand curve shift? |
Munchies in Massachusetts after pot legalization |
Up |
Up |
|
Pot in Massachusetts after it is legalized |
Down |
up |
|
Natural gas in Ukraine after Russia off exports |
Up |
down |
|
VCR players |
down |
down |
2. Review Real World Micro, chapter 3.5, Campus Struggles Against Sweatshops Continue by Sarah Blaskey and Phil Gasper. Do you think that your choices as a consumer can change the way businesses treat their workers?