Economics Unit II Quiz

A loan that carries neither penalty nor further obligation to repay.

Price x Quantity Sold

All of the following are advantages to pricing except

Price change causes movement along the supply curve.

The combination of desire, ability, and willingness to buy a product.

When something, like a cost of a resource, causes the supply curve to shift.

Movement along the demand curve showing a different quantity is purchased when price is changed

Fixed Cost plus Variable Cost equals

Limits in production capacity cause a product to have a(n)

Price where quantity supplied equals quantity demanded.

Which of the following is not a stage of the production function?

Margarine and Butter

Caused by a change in price making other products more or less costly.

Amount of product offered for sale at all possible prices in the market.

Insulin is an example of a product with

Allocation of goods without using prices

A price floor causes

Consumer demand for different amounts at every price causing the demand curve to shift.

A price ceiling causes

All of the following are determinants of demand elasticity, except

Inverse relationship between price and quantity demanded.

Total Revenue = Total Cost

Wages would be an example of

Total Revenue - Total Cost

Flashlights and batteries

Monetary value of a product

Measure of how responsive quantity demanded is to a change in price.

Caused by a change in a consumer's income when the price of a product changes.

Decrease in satisfaction or usefulness as additional unit of a product are acquired.

MR = MC