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Review of Supply, Demand, & Elasticity Flashcards | StudBud
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Review of Supply, Demand, & Elasticity
Review of Supply, Demand, & Elasticity
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StudBud Administration
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Unit 2 Microeconomic Concetps
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
TR increases & P decreases. What happened?
Demand is elastic
Demand is inelastic
Demand is unit elastic
Demand is perfectly elastic
2
Which of these will have the MOST elastic demand curve?
Cars
American cars
Honda cars
Honda Green cars
3
If the cost of wheat increases, what happens to the wheat bread in the market?
Quantity supplied increases
No change
Supply shifts left
Supply shifts right
4
Churros are found to stop cancerous cells. What is the result in the market?
P↓Q↓
P↓Q↑
P↑Q↓
P↑Q↑
5
What effect is when the price of a good rises & consumers tend to buy other goods instead?
Income Effect
Diminishing Marginal Utility Effect
Ceteris Paribus
Substitution Effect
6
All are examples of price floors except....
Rent Control
Butter Mountain in EU
Minimum Wage
Paying farmers NOT to produce (Depressions..)
7
You choose to study because the marginal benefit is greater than the ________ cost.
Total
Expected
Marginal
Average
8
What is the elasticity of supply for Michelangelo's artwork?
Perfectly Inelastic
Unit Elastic
Elastic
Inelastic
9
The income elasticity of demand is 2.4. What type of good is this?
Inferior
Normal
Substitute
Complement
10
A consumer will buy more units of tacos if the value of the tacos'...
Total utility is greater than price
Total utility is less than price
Marginal utility is less than price
Marginal utility is greater than price
