Review Microeconomics

Mr. Quick goes to work with an injured knee despite warnings. Why?

A graphic representation of demand.

If more firms join a market the supply curve will...

Sole proprietorships have ...

Which of the following items would most likely improve the productivity of Mr. Quick?

A table with the quantity supplied at each particular price.

Limited resources and unlimited needs and wants creates...

The population of Zebulon doubles, what happens to the demand curve for Subway in Zebulon?

The relationship between price and demand is...

On a production possibilities curve a shift to a point to the right of the curve can be caused

Shareholders buy stock. Stock represents...

Alec hires two workers, buys two lawn mowers, and rents storage space. Lawnmowers represent?

Goods that can be used in place of a more expensive good are called...

Which of the following would occur if the selling price of DVD’s goes from $11 to $20?

When prices increase, supply increases.

If Cole spends $25 on gas instead of taking his girlfriend out, what is his opportunity cost?

A change in price causes a shift ....

The type of market structure with identical products...

B&B Pizza is now willing to supply more pizzas without raising prices. Why?

On average, who in this group is likely to earn the most money?

Company X does business with numerous producers. Each makes a slightly different product.

Economy that has both government and private involvement in businesses.

Company XC exists in a market where they have almost total control over price.

Price floors are prices set _____ equilibrium and cause _____.

Shoes and socks are examples of ...

The price where quantity supplied and demanded are the same.

Minimum wage acts as a price ___________ that creates a _____________ of unskilled labor.

Rent control is an example of a...

An increase in the cost of resources will cause the supply curve to ...

What does a circular flow model show producers buying from consumers?

On a production possibilities curve any point inside the curve represents...

The automobile and airline industries are examples of...

What are the two markets in the circular flow model?

Which represents an investment in human capital that would improve the standard of living?