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Microeconomics
Microeconomics
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Microeconomics Review
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
Market Structure where many sellers are selling products that are similar, but not exact.
Pure Competition
Monopoly
Oligopoly
Monopolistic Competition
2
A Market Structure where only ONE seller dominates the market
Pure Competition
Monopoly
Oligopoly
Monopolistic Competition
3
Goods typically used with each other
Law of Supply
Complementary Goods
Substitute Goods
Law of Demand
4
A negative shift in Supply or Demand will always shift
Up
Left
Down
Right
5
Which type of business organization has the least amount of liability?
Corporation
Cooperative
Sole Proprietorship
Partnership
6
Households purchase goods and services from businesses in the __________ Market
Product
Resource
Super
Exchange
7
Goods that can be easily used in place of another
Substitute Goods
Complementary Goods
Law of Supply
Law of Demand
8
The point where the quantity supplied is equal to the quantity demanded
Inelastic Demand
Market Equilibrium
Market Structure
Law of Supply
9
The price for blueberries decreases. What does this mean for the demand of raspberries?
There will be no change
People will buy both at an increased rate
The demand will decrease (shift left)
The demand will increase (shift right)
10
What is shown on this graph?
An X and dotted lines
A Surplus
Equilibrium
A shortage
11
Which of the following is an example of a price ceiling?
When the government sets the price of rent below equilibrium
When the government sets the price of corn above equilibrium
When the government gives people money
When the government taxes corporations
12
What is happening on the graph?
Demand is increasing
Demand is decreasing
Supply is increasing
Supply is decreasing
13
Which type of business organization has the most government regulation?
Corporation
Partnership
Sole Proprietorship
Cooperative
14
A positive shift in Demand or Supply will always shift
Left
Right
Down
Up
15
Which type of business organization has the most liability?
Cooperation
Corporation
Sole Proprietorship
Partnership
16
If the government provides a subsidy to a company, what will happen to supply?
There is no way to tell
It will stay the same
It will decrease (Shift Left)
It will increase (Shift Right)
17
A Market Structure where only a FEW businesses control the products being sold
Monopoly
Monopolistic Competition
Pure Competition
Oligopoly
18
Buyers determine __________, and sellers determine _________.
Market, Resources
Demand, Supply
Resources, Market
Supply, Demand
19
What causes this movement on the Demand Curve?
Price of Related Goods
Number of Consumers
Tastes and Preferences of Consumers
Price Change for the Product
20
Which of the following is NOT a shifter of supply?
The price of the product produced
The price of the resources used to make a product
Government intervention (taxes or subsidies)
The number of sellers in a market
21
Market Structure characterized by MANY sellers all selling the SAME product
Monopolistic Competition
Oligopoly
Monopoly
Pure Competition
22
What will result when a price ceiling is set below the market equilibrium?
There will be no change
Way too many lines, Mr. Rooks!
There will be a shortage
There will be a surplus
23
Firms purchase resources from households in the ___________ Market.
Super
Entrepreneur
Factor
Product
24
When the price floor is set above equilibrium, will this lead to a surplus or a shortage?
Equilibrium
Shortage
Surplus
Too Many Lines!
25
If a company is expected to raise the price of products next month, the current demand will...
stay the same (no shift)
increase (shift right)
decrease (shift left)
no way to tell
26
A group of buyers and sellers of a particular good or service
Demand
Market
Resource
Scarcity
27
When the price of a product increases, the quantity supplied will increase
Law of Demand
Market Structure
Command Economy
Law of Supply
28
The price of cookies decreases. What does this mean for the demand for milk?
There is no way to tell
There will be no change
It will decrease (shift left)
It will increase (shift right)
29
The quantity demanded of a good falls when the price of the good rises.
Law of Supply
Market Equilibrium
Market Structure
Law of Demand
30
How much control over prices do sellers in a Pure Market have?
Total control
Remote control
Out of Control
No control
31
If the U.S. government begins to tax a good, what happens to supply?
Supply will increase (shift right)
Supply will stay the same
No way to tell
Supply will decrease (shift left)
32
If more baseball players move to Central, what can we expect for the supply of bats here?
No way to tell
Supply will decrease (shift left)
Supply will increase (shift right)
Supply will stay the same
33
What is happening on this graph?
Supply is increasing
Demand is decreasing
Supply is decreasing
Demand is increasing
34
Which of the following is NOT a change in Demand shifter?
Size of the Population/Market
Tastes and Preferences of Consumers
Income of Consumers
Price of the Product
