Preliminary Economics - Markets

What is it called when demand and supply are NOT equal?

How would a drop in price the price of a substitute impact the demand for a good or service?

How would a rise in national income impact the demand for a good or service?

An improvement in manufacturing technology can cause:

How would a rise in price impact the demand for a good or service?

The price mechanism refers to:

How would a drop in the price of a complementary good impact the demand for a good or service?

What term describes when at a certain price, quantity demanded and quantity supplied are equal?

If demand decreases, in which direction does the curve shift?

If price is below equilibrium, what is occurring?

If a product is habit forming then its demand is likely to be:

Which of the following affects market demand:

Governments can intervene to set a maximum price which is called a:

Demand is best defined as:

If supply increases, in which direction does the curve shift?

An decrease in the level of resources available can cause:

Governments can intervene to set a minimum price which is called a:

A perfectly inelastic demand curve is:

What situation does a price ceiling create?

How would a rise in the price of a complementary good impact the demand for a good or service?

How would a drop in price impact the demand for a good or service?

Using the total outlay method, what is true if revenue remains unchanged when price rises?

Price elasticity of supply is?

If price is above equilibrium, what is occurring?

How would a rise in the price of a substitute good impact the demand for a good or service?

If a product is very expensive then its demand is likely to be:

An rise in multifactor productivity can cause:

What is the only factor that cause cause a movement along the supply curve?

Using the total outlay method, what is true if revenue falls when price rises?

If supply decreases, in which direction does the curve shift?

Using the total outlay method, what is true if revenue rises when price rises?

If demand increases, in which direction does the curve shift?

Price elasticity of demand measures what?

If a product is a luxury then its demand is likely to be:

What does ceteris paribus mean?

An rise in the cost of the factors of production can cause:

What is the only factor that can cause a movement along a demand curve?

A perfectly elastic demand curve is:

Which of the following is NOT a factor affecting price elasticity of supply?

If a product is a necessity then its demand is likely to be: