Micro: Supply, Demand, & Equilibrium--CoachRosser

Money given by the government to businesses to help them be competitive.

What is it called when marginal cost and marginal revenue are equal?

The Law of Demand shows a _______ relationship between pricing and quantity.

Which of the following is not a determinant of supply?

Increase in demand (relating to Equilibrium)

Widespread prosperity allows people to buy more chocolate.

The government sets a legal minimum that can be charged for a good or service.

What would cause the quantity demanded to go up?

Items that are used in place of one another

What would cause the quantity demanded to go down?

What would cause quantity supplied to increase?

Demand exceeds supply

A modest price increase has little to no effect on quantity demanded...

Increase in Supply (relating to Equilibrium)

The price of sugar increases; what happens to the market for candy?

What kinds of goods are more likely to be inelastic?

Items that are bought and used together

A type of good that as you make more money, you consume less of this product.

What would cause a change in supply?

Decrease in demand (relating to Equilibrium)

What would cause the supply curve to shift to the right?

The government sets a legal maximum that can be charged for a good or service.

Which of the following is not a determinant of demand?

Qs=Qd

Extra cost incurred when a business produces 1 additional unit of a product?

What is it called when total revenue and total cost are equal?

A listing of the quantities demanded of a product at all price points.

Decrease in Supply (relating to Equilibrium)

What would cause a change in demand?

What would cause an increase in demand?

Price is higher than the equilibrium?

Increased prices result in: