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Duplicate of Economics Supply and Demand Flashcards | StudBud
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Duplicate of Economics Supply and Demand
Duplicate of Economics Supply and Demand
20 terms
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Basic economic terms used to learn supply and demand.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Payment made to a producer to continue to operate is what?
Subsidy
Excise Tax
Revenue
2
Which of these can shift the demand curve?
Change in Technology
Change in Income
Change in Number of Consumers
3
Any cost that does not change with the amount produced in the short run
fixed cost
marginal cost
short run cost
variable cost
4
When price increases the want for that good decreases. This is what?
The Law of Demand
Market Demand
The Law of Supply
5
When price increases the amount of goods produced increases. This is what?
The Law of Supply
The Law of Demand
Market Demand
6
A measure of responsiveness of quantity supplied to change in price
supply curve
elasticity of supply
movement along the supply curve
law of supply
7
Which of these can shift the supply curve?
Change in Goverment Policy
Change in Consumer Expectations
Change in Technology
8
The sum of all the wants in a market is what?
The Law of Demand
Revenue
Market Demand
9
The movement along the supply curve is called what?
Change in Quantity Demanded
Change in Quantity Supplied
Change in Supply
10
Government pays a company to make a good, Which curve will shift and what shifter is it?
Supply, Change in Government Policy
Demand, Change in Consumer Expectation
Supply, Natural Disasters and International Affairs
11
A period of time during which at least one of a firm's resources is fixed
total product
short run
long run
economies of scale
12
Forces that reduce a firm's average cost of production as the firm's size grows
marginal product
total product
economies of scale
law of total product
13
The movement along the demand curve is called what?
Change in Demand
Change in Quanitity Demanded
Change in Quantity Supplied
14
What is a complementary good?
A good that goes with another good.
A good that replaces a good.
A good that makes up a part of a whole good.
15
Minimum wage increases, which curve will shift and which shifter explains it?
Demand, Change in Income
Supply, Change in Producer Expectation
Demand, Change in Technology
16
A period of time during which all a firm's resources can be varied
Not the answer
short run
medium run
long run
17
The law of diminishing marginal utility, income effect and substitution effect are:
Factors of Economics
Factors that affect consumer spending
Factors of Production
18
A tax on the manufacture or sale of a good is what?
Excise tax
Revenue
Subsidy
19
The change in total cost resulting from producing one more unit of output
marginal cost
short run cost
product cost
variable cost
20
What is a substitue good?
A good that makes up part of a good.
A good that replaces a different good.
A good that goes with another good.
