Final Exam Review - Micro & International

TRUE or FALSE: Technology is a shifter of supply

In which market structure would you find many small companies selling identical products?

If the price of apples rises, what will happen?

Country A has the comparative advantage in:

TRUE or FALSE: Price of Related goods are a shifter of demand

TRUE or FALSE: Government Actions are a shifter of demand

When a country can make a product at a lower opportunity cost than another country

China has a comparative advantage in cars and US has a comparative advantage in planes. what should China's actions be

The Law of Supply states that when the price increases:

What happens to demand or quantity demanded with a movement from point A to point B?

TRUE or FALSE: Future Price Expecations are a shifter of demand

A ban on trade with a country.

If the government set a max price at .50, what would it be called and what would be the result?

What is a disadvantage shared by sole proprietorships and partnerships?

In which market structure would you find several large firms dominating a market?

What happens to demand or quantity demanded with a movement from point D to point C?

Janice wants to start a business. She wants control over everything. What should she start?

What is the equilibrium price

If the government set a min price at $3, what would it be called and what would be the result?

What happens to demand or quantity demanded with a movement from point B to point E?

What happens to demand or quantity demanded with a movement from point A to point D?

In which market structure would you find many small companies selling differentiated products?

In which market structure would you see a single seller, selling a unique product?

Laws or actions taken by the government restricting free trade is the definition of what?

TRUE or FALSE: Income is a shifter of supply