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Microeconomics Review Flashcards | StudBud

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Which of the following would cause demand to shift to the right?

As price increases, quantity supplied

Microeconomics Review

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Midterm Review #microeconomics

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Questions 10

Answers

1
As price increases, quantity supplied
shifts to the right
decreases
increases
stays the same
2
Which of the following would cause demand to shift to the right?
a price decrease for the product
an increase in the number of the product supplied
consumers prefer the product over others
a price increase for the product
3
What is the equation for Total Revenue?
TR=Q/DxP
TR=AVC/P
TR=PxQ
4
If the marginal revenue exceeds the marginal cost...
the firm should change the product.
the firm should produce the extra unit.
the firm should exit the industry.
the firm should cease to produce.
5
The Law of Demand states: As price decreases, quantity demanded
increases
decreases
stays the same
shifts to the right
6
Which of the following changes marginal cost?
Additional labor
Potential need for a new factory
Additional resources
All of these change marginal cost
7
Which of the following would cause quantity supplied to change?
a change in market price of the product
a change in population
a change in the number of businesses making the product
a change in taxes charged on the business
8
The point at which demand and supply are equal
price floor
market-clearing price
price ceiling
market-failure point
9
If OSHA requires restaurants in the US to purchase slip resistant shoes for employees, Supply
will shift right
will be unchanged
will shift left
will decrease quantity supplied
10
On an elastic demand curve, if price decreases by 5% than
than quantity will increase by more than 5%
quantity will increase by less than 5%
quantity will decrease by exactly 5%
quantity will increase by exactly 5%