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Microeconomics Review Flashcards | StudBud

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Which of these is inelastic?

Which of the following causes a shift of the supply curve?

Microeconomics Review

11 terms·StudBud Administration·21 plays

Supply, Demand, and Equilibrium

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Questions 11

Answers

1
Which of the following causes a shift of the supply curve?
Taxes
a change in the price of the good
Both a and c
Subsidies
2
Which of these is inelastic?
Nike shoes
cigarettes
none of these
hotdogs
3
Which of the following are part of the Demand Function?
All the above
Price of product
Income
Weather
4
The following causes a shift in the Demand curve
Income changes
all the above
Price of the substitute
Price of the compliment
5
Which of these affects the supply function?
none of these
price of factors of production
both a and c
time
6
What is ceteris paribus mean?
all things remain the same.
all things die.
Do unto others and they would do unto you.
Profit is king.
7
What is the law of demand?
As price goes down, income goes up
As the company goes broke, prices go up.
As price goes up, demand goes down.
Both b and c
8
Which of these is elastic?
heroin
all of these
heart medicine
vacations to the Bahamas
9
What is a complement to earbuds?
none of these
earphones
an ipod
a typewriter
10
The law of supply is
business are in it for profit!
as price goes up, supply goes up.
as price goes down, supply goes down
both a and b
11
What is the substitution effect?
when the price goes up, buyers look for an alternative
money leads to all things happy
money cannot be replaced with the barter system
both a and c