Chapman Prelim Economics - Markets

How would a decrease in price impact the quantity demanded for a good or service?

If demand increases, in which direction does the curve shift?

Which of the following affects market demand:

Who does the Price Floor usually benefit?

The price mechanism refers to:

Price elasticity of supply is?

Which of the following is created by a price floor?

Price elasticity of demand measures what?

Which of the following is NOT a factor affecting price elasticity of supply?

If demand decreases, in which direction does the curve shift?

How would a decrease in the price of a substitute impact the demand for a good or service?

If a product is a luxury then its demand is likely to be:

An decrease in the level of resources available can cause:

A perfectly elastic demand curve is:

How would a rise in the price of a complementary good impact the demand for a good or service?

Using the total outlay method, what is true if revenue remains unchanged when price rises?

Merit goods have

If a product is habit forming then its demand is likely to be:

Using the total outlay method, what is true if revenue falls when price rises?

Demand is best defined as:

If supply increases, in which direction does the curve shift?

If a product is a necessity then its demand is likely to be:

Productivity =

What is the only factor that can cause a movement along a demand curve?

How would a rise in national income impact the demand for a good or service?

What is it called when demand and supply are NOT equal?

What is a key feature of a market economy

Using the total outlay method, what is true if revenue rises when price rises?

An improvement in manufacturing technology can cause:

If price is above equilibrium, what is occurring?

A perfectly inelastic demand curve is:

How would a drop in the price of a good impact the demand for its complement?

An rise in the cost of the factors of production can cause:

What term describes a certain price where the quantity demanded and quantity supplied are equal?

How would a rise in the price of a substitute good impact the demand for a good or service?

An increase in productivity is linked to

Governments can intervene to set a maximum price which is called a:

What are characteristics of public goods?

What is a key feature of a market economy

If supply decreases, in which direction does the curve shift?

How would a rise in price impact the demand for a good or service?

If price is below equilibrium, what is occurring?

Governments can intervene to set a minimum price which is called a:

What is a key feature of a market economy

An rise in multifactor productivity can cause:

What is the only factor that causes a movement along the supply curve?

A price floor is a

Negative externalities are

What does ceteris paribus mean?

If a product is very expensive then its demand is likely to be: