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Duplicate of Review of Supply, Demand, & Elasticity Flashcards | StudBud
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Duplicate of Review of Supply, Demand, & Elasticity
Duplicate of Review of Supply, Demand, & Elasticity
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StudBud Administration
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29 plays
Unit 2 Microeconomic Concetps #microeconomics #ap #highschool
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What effect is when the price of a good rises & consumers tend to buy other goods instead?
Diminishing Marginal Utility Effect
Substitution Effect
Ceteris Paribus
Income Effect
2
The income elasticity of demand is 2.4. What type of good is this?
Normal
Substitute
Complement
Inferior
3
All are examples of price floors except....
Rent Control
Paying farmers NOT to produce (Depressions..)
Minimum Wage
Tyler Nice
4
Which of these will have the MOST elastic demand curve?
Cars
American cars
Neon Green Honda cars
Honda cars
5
What is the elasticity of supply for Michelangelo's artwork?
Perfectly Inelastic
Unit Elastic
Inelastic
Elastic
6
Churros are found to stop cancerous cells. What is the result in the market?
P↑Q↑
P↓Q↓
P↓Q↑
P↑Q↓
7
A consumer will buy more units of tacos if the value of the tacos'...
Total utility is greater than price
Marginal utility is less than price
Total utility is less than price
Marginal utility is greater than price
8
TR increases & P decreases. What happened?
Demand is unit elastic
Demand is perfectly elastic
Demand is elastic
Demand is inelastic
9
If the cost of wheat increases, what happens to the wheat bread in the market?
Supply shifts left
Quantity supplied increases
Supply shifts right
No change
10
You choose to study because the marginal benefit is greater than the ________ cost.
Average
Expected
Marginal
Total
