Econ 102 Exam 1 Review

Olive oil producers want to sell more olive oil at higher prices. What would have this effect?

A decrease in the price of GPS systems will result in:

If the quantity of grapes demanded increases because of a decrease in the price of grapes:

Suppose a decrease in the supply of bottled water results in decreased revenue. This indicates:

When there are few close substitutes of a good, demand tends to be:

Producing more of one good means producing less of another refers to the concept of:

If a firm raised their price & discovered revenues fell, then demand is considered:

Which of the following correctly describes market equilibrium?

Income elasticity of demand measures:

If an increase in income leads to a decrease in the demand for popcorn, then popcorn is:

In economics, choices must be made because we live in a world of:

Suppose a decrease in the supply of paper results in increased revenue. This indicates:

If demand & supply are relatively elastic, a $4 tax per month on cable TV will cause price to:

If both demand and supply of a product increases at the same time, what happens to price?

A good with a negative income elasticity of demand would be considered:

Which of the following items is likely to have the highest income elasticity of demand?

Economic models do all of the following except what?

Harry quits his $125,000 job to take care of his parents. What is the cost of his decision?

The government wants to limit the number of hotel rooms to 200. The resulting DWL is:

The government wants to limit the number of hotel rooms to 150. The resulting quota rent is: