Fall Assessment 1

No matter the current price and scenario, the market naturally wants to move towards ________ in the long run

Which of these represent the Law of Supply?

A market in which there are hundreds or thousands of competitors selling identical products is an example of:

Building that's used by a coal company as a place for its executives to work is an example of what factor of production

This statement represents ______ the characteristics of currency

What does the red line represent?

Which of these represents the law of demand

What does the blue line represent?

What does this statement represent: "A suppliers reaction to a change in price"

What does the black dotted line represent?

What does the solid green line represent?

Choice given up in a trade-off decision is called:(Ex: I choose to buy lunch today, so I gave up the option of saving $)

What does the dotted green line represent

A "public good" is available to every person at little or no charge. Who offers these goods AND how are they funded

On the production possibilities curve, a point on the frontier represents what?