Unit 2 Economics Review

Increase in price of hamburgers in summer. This would lead to an increase in demand for:

When quantity demanded at a specific price exceeds the quantity supplied it results in:

Which of the following is an example of an inelastic good?

Market equilibrium is when

A product that is consumed along with some other product is referred to as:

Law of demand states that as quantity demanded decreases:

Fire destroys strawberry crop. Strawberry Market. Which supply shifter is this?

What does this graph show?

Another name for equilibrium price is:

Many people come to Mackinac Island in June due to tourism. Increase or decrease demand?

When the government places limits on how high or low prices can be is known as:

The amount of money received in the course of doing business is referred to as:

A minimum price set by the government to prevent prices from going too low are referred to as:

Which of the following is not a demand shifter?

Which is not a demand shifter?

An increase in supply will shift the supply curve to the:

The purpose of rationing during WWII was to ensure that

Moving from D to D2 shows:

The equilibrium price is the price at which

Which of the following is an example of an elastic good?

When quantity supplied at a specific price exceeds the quantity demanded it results in

Moving from D to D1 shows:

Which of the following is not a supply shifter?

Illegal market in which goods are traded at prices/in quantities higher than those set by law

What is used to measure consumers' sensitivity to a change in price.

A cash payment aimed at helping a producer to continue to operate is:

A decrease in demand will shift the demand curve to the

The law of supply states that as quantity supplied increase....