Econ Check for Understanding 3.5 Flashcards

1

The maximum amount that can be charged for something is?

2

If there is a decrease in demand?

3

Generally, in the long run, supply is?

4

Demand for a good that we will buy despite an increase in price is?

5

An example of a business that has the most elastic supply is?

6

Generally, in the short run, supply is?

7

Demand for a good that we can live without is?

8

If the government charges an excise tax, the supply curve will generally?

9

The point at which supply and demand come together is?

10

Minimum wage is an example of a?

11

The Law of Supply says?

12

Market forces (buyers and sellers) will always?

Econ Check for Understanding 3.5