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Micro. Test Review
Micro. Test Review
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Intro. to Econ. Microeconomics test review
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Minimum wage is an example of a
price floor
price ceiling
price staircase
price carpet
2
The term that describes "too many cooks in the kitchen" in economics is
Diminishing marginal costs
Diminishing marginal benefits
Diminishing magic reruns
Diminishing marginal returns
3
A price ceiling is....
the maximum price a good/ service could be sold for
always at the market equilibrium
the minimum price a good/ service could be sold for
determined by supply and demand
4
A hurricane would....
Decrease the supply of corn
Increase the demand of corn
Decrease the demand of corn
Increase the supply of corn
5
What is the term when demand exceeds supply?
Market Equilibrium
Surplus
Shortage
Price Control
6
An inelastic good would have a price elasticity of demand of
greater than 1
1
a positive number
less than 1
7
If price increases changes, this would
decrease quantity demanded
decrease demand
increase quantity demanded
increase demand
8
In which market structure is there a standardized product?
oligopoly
monopoly
perfect competition
monopolistic competition
9
The price elasticity of demand formula is
% change in quantity demanded/ % change in quantity supplied
% change in price / % change in quantity demanded
% change in quantity demanded/ % change in price
% change in price / % change in quantity supplied
10
The restaurant industry would fall under this market structure
oligopoly
perfect competition
monopoly
monopolistic competition
11
What is the term when supply exceeds demand?
Shortage
Surplus
Market Equilibrium
Price Control
12
How are prices determined in a free market economy?
Where supply meets demand
Where demand is
Where supply is greater than demand
Where demand is greater than supply
13
Profit is
total cost - total revenue
total revenue - total cos
$$$$
total revenue + total cost
14
In which market structure is there a single seller who sets the price?
oligopoly
perfect competition
monopolistic competition
monopoly
15
What is the name of a good that could be used in place of another good?
Substitute
Price Control
Shortage
Compliment
