Economics Unit 2, Test 1

Ad trivia: What product wanted to help teach the world to sing in perfect harmony?

Demand elasticity does NOT involve...

Price effect is what creates the...

The cost for the next item or set of items, used in determining supply elasticity.

An elastic supply curve means that it...

Trivia: Which of the following is not a breakfast cereal of the 1950s?

A complimentary good for an iPhone?

Ad Trivia: What company slogans include "A better life, a better world", "Ideas for life"?

Neither supply or demand will shift when this changes.

Result of the price change from P1 to P2...

Type of curve

What is caused by price P2?

This is...

Quantity demanded > quantity supplied.

To calculate revenues, you take the quantity sold times which statistic?

The point where demand and supply meet.

Ad trivia: What company wants you to "eat fresh"?

Ad trivia: This man was the mascot for...

Stove top stuffing offers itself as an alternative to potatoes, aka...

BOGO - deep discounts for selling a second item indicates.

Most countries w/ universal health care have price ceilings. If below equilibrium, they create

An inelastic demand curve means that it...

What is a compliment to this good?

A change in the price or availability of a substitute or compliment causes supply to shift.

According to the law of supply, what causes the quantity supplied to increase?

Ad trivia: What soft drink advertises itself as the "uncola"?

Inelastic demand curve's alphabet doppelganger...

Supply curve shifts because of all, BUT, "change in..."

Demand is the opportunity cost of the...

Which does not cause a demand shift? change in...

The cost that is dependent upon the number supplied, such as gas for a school bus.

According to the law of demand, as price of a good or service increases the quantity demanded

TRIVIA: Believe it or not, this is an actual olympic mascot for games in what country?

This cost isn't neutered, it just doesn't change regardless of # produced.