AP Micro Review Unit 2

Who supplies in the factor market?

If the price of oranges decreased, what would happen to the supply of orange juice?

If a good's demand is relatively inelastic, it is relatively _____ to a change in price.

An effective price ceiling will cause:

An import quota will _____ supply and _____ price.

The Law of _____ states that there is an INVERSE relationship between price and quantity.

All of the following cause the Law of Demand to be true EXCEPT:

All of the following will shift supply EXCEPT:

A price floor is _____  the equilibrium price and causes a _____.

If supply and demand change, what will happen to price and quantity?

Who demands in the product market?

All of the following are shifters of demand EXCEPT:

When money is used to buy something, it is functioning as a:

If a good's demand is perfectly elastic, who bares the burden of a tax on that good?

If the price of a complementary good increases, the demand for a good will: