Economics Chapter 4-6 Review

The government imposes an upper limit on prices.  This is called

Coca-cola and Pepsi are an example of what?

What happens to supply of a product if taxes on the product increase?

Excess demand would indicate

A chart showing how many items people want to purchase at different prices is known as

When a customer's need for a product is not urgent, demand tends to be 

Modest price increase has little or no effect, the demand for the product is 

At a given price, a surplus occurs when 

For most products and services, an increased price causes what to happen to demand?

Hot dogs and hot dog buns are an example of these products used together.

When employees are getting in each other's way, the firm is operating 

Rent payments and property taxes are

This is the intersection of supply and demand, the market price.

Setting minimum wages to $9.00 an hour shows

Total cost is the sum of _____________ 

Which of the following CANNOT change the market supply curve 

If prices rise, people buy less and if prices fall, people buy more.