Review Microeconomics

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

The type of market structure with identical products...

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

The price where quantity supplied and demanded are the same.

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

The relationship between price and demand is...

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

Shoes and socks are examples of ...

Sole proprietorships have ...

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

What are the two markets in the circular flow model?

Price floors are prices set _____ equilibrium and cause _____.

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

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

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

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

A change in price causes a shift ....

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

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

The automobile and airline industries are examples of...

Limited resources and unlimited needs and wants creates...

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

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

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

Shareholders buy stock. Stock represents...

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

Rent control is an example of a...

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

A table with the quantity supplied at each particular price.

A graphic representation of demand.

When prices increase, supply increases.

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

Economy that has both government and private involvement in businesses.

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