ECO-002 TEST REVIEW

There are so many houses on the market, a couple is able to purchase the home for a low price, this demonstrates what?

Which of the following occurs when the quantity demanded exceeds the quantity supplied?

Ms. Merritt controls all the businesses in the state of Nevada this is an example of

Owners of limited recs can sell them for 10 times the original price since only a few exist. This is an example of what?

A large change in the demand of a product or service based on the change of an economic factor

Choose the best term to complete the sentence. Equilibrium is _______ at rest.

A system where production, wages, and prices are determined by the law of supply and demand, (has little gov. reg)

Rivalry between companies selling similar products and services, competing to attract customers with limited dollars

Selling limited edition signed records for 10x the original price is an example of...

Momentary state or condition where the quantity of a product supplied equals the quantity demanded the same product

Select the THREE correct options. Which three products would most likely have inelastic demand?

The economic theory that explains the interaction between the buyers and sellers of an item

The United States economic system is largely based on which of the following?

A large demand for Lysol products resulted in stores running out of the products for months this is an ex. of what?

A clothing store produces a large amount of winter coats before spring, & then has trouble selling them, this is a what?