Unit 2 Review-Supply and Demand

A clerk in the butcher's shop is five feet ten. What does he weigh?

What is the number one reason people generally go into business?

If you expect something to go on sale next week, how is your immediate demand affected?

What kind of good would consumers buy more of if their income went up?

What is the economic situation when supply is equal to demand?

What does it mean if a good has high elasticity of demand?

What is the economic situation when supply is greater than demand?

What do you call cheese that isn't yours?

An example of the law of demand visible shopping at the mall for Christmas presents would be?

How do prices ensure efficient resource allocation?

Which of the following products would have a low elasticity of supply?

Why would producers be willing to supply more of a good at a higher price than at a lower price

Which of the examples would be a fixed cost for a business?

Fixed costs=$25, Variable costs for first widget=$12. VC for 2nd widget=$19. What is MC?

Why might a firm continue to hire employees even if they are experiencing diminishing MR's?

If your business suddenly experienced new competition in town, what would happen to your business' individual supply?

What Latin term means "all other things held constant"?

What is the only factor that affects elasticity of supply?

Purchasing a cheaper music plan on Spotify because you are making less money is an example of what?

Buying a snowboard instead of expensive skis illustrates which economic effect?

Which of the following demonstrates the law of supply?

Which answer best describes a subsidy?

Which of the following demonstrates the law of demand?

What is the economic situation when demand is greater than supply?

The desire to own something and the ability to pay for it is known as what?

Which political party would you say you are most closely affiliated with?

How does an increase in the price of inputs affect the supply of a good?

Who was the first president of the Senate in United States History?

If the school raised the price of soda from $1 to $1.25, what would happen to demand for soda?

How much dirt is there in a hole that measures two feet by three feet by four feet?