Home Library Explore SAT

Home Library Explore SAT

Supply and Demand Quiz Flashcards | StudBud

Explore/Supply and Demand Quiz

Supply and Demand Quiz

10 terms·StudBud Administration·102 plays

Quiz thing

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What is the marginal product of labor?
the amount of margarine required to make labor
the change in output from hiring an additional unit of labor
The workers at country crock who make butter
The change in output from buying other firm's products.
2
As production cost increases, which direction will the supply curve shift?
Right and down
Left and up
sideways
inside out
3
Which is not a reason for the curved slope of demand?
Substitution Effect
Law of Diminishing Marginal Utility
Income Effect
Law of Diminished Margarine Utility
4
What is the law of demand?
consumers buy more of something if it costs more
If you build it, they will buy
consumers buy more of something if it is cheaper
Companies will increase demand if they have more money
5
What is a diminshing marginal return?
Adding additional unit lowers production
Adding an additional unit improves less than the previous
Adding an additional unit makes too many petunias
When you make more money than before
6
What does ceteris paribus mean?
If you see a parabola, you must build a terrace
Over time, all things will become elastic
All other factories are assumed constant
All other factors are assumed constant
7
What is an excise tax?
A tax on the production or sale of a good
tax that causes a company to excise
cost to exercise
A tax on hiring an additional unit of labor
8
What is quantity supplied?
The amount a consumer is willing to supply to a company
The amount of something a firm is able to sell 4 a price
The amount of something a firm is willing to buy
The max amount of petunias a consumer is willing to buy
9
Which of these products are inelastic?
Cell Phones
Electricy
Cheesy banana sandwich
Petunias
10
How many different types of marginal return are there?
4
3
2
20