Econ Unit 2

The United States instituted rationing during

The change in total output that results from hiring one additional worker is called

An example of a price floor is

What measures how responsive consumers are to price change?

Of thes following goods, the most elastic good is

At equilibrium price supply and demand are

The ease of changing production to respond to price change determines

A factory closes, laying off hundreds of workers, consumer spending falls. What determinant?

Higher prices generally

US consumers switched from home phones to wireless phones. Which factor of demand is this?

Public goods are funded by

If quantity demanded does not change significantly when price changes, how is demand described?

Supply can be changed by

Suppliers often reduce prices because they

All of the following are examples of complements except.

Describe a demand curve

According to the law of supply, when prices increase

Lower prices generally

The maximum amount that sellers may charge for a good or service is called a

The appearance of a supply curve is