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Econ: Supply and Demand review Flashcards | StudBud
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Econ: Supply and Demand review
Meth is supply ___________________
What kind of curve is this?
Econ: Supply and Demand review
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Answers
1
What kind of curve is this?
Demand
Supply
2
Meth is supply ___________________
Elastic
Inelastic
3
The marginal product of labor will ___________ if there are too many workers.
Stay the same
Increase
Decrease
4
The law of supply says that when prices increase...
Quantity supplied goes up
Quantity supplied doesn't change
Quantity supplied goes down
5
What is supply?
How badly people want something
The price of a good
Elasticity of price
How much of a good is available
6
Cigarettes are an example of...
Elastic demand
Inelastic demand
7
Which of these is an example of diminishing marginal utility?
Being more and more grossed out by a horror movie
Getting sick of PB & J after eating it every day
Liking each bite of pizza more than the last
8
Jared has to leave his job as a telemarketer because "robo calls" can do the same work for free
Structural unemployment
Cyclical unemployment
Frictional unemployment
Seasonal unemployment
9
What is demand?
How much of something is available
The price of a good
Elasticity of price
How much consumers want something
10
Really expensive clothing is supply ____________
Elastic
Inelastic
11
You take your first college class and are required to buy the textbook. This is...
Elastic demand
Inelastic demand
12
A market with many, informed buyers with identical products is...
Monopolistic competition
Oligopoly
Perfect competition
Monopoly
13
Which of these will NOT make you statistically more likely to be poor?
Two parent household
Urban home
Single parent household
Rural home
14
The price of shoes goes up. This will...
Move the demand curve right
Not move the demand curve
Move the demand curve left
15
A price floor makes ____ prices illegal.
High
Low
16
Which of the following WOULD shift the demand curve for shoes?
The shoes get trendy
New advertising
People's incomes go up
Price decrease
17
The law of demand says that when prices increase...
Quantity demanded doesn't change
Quantity demanded goes down
Quantity demanded goes up
