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Econ Topic 3: Demand, Supply & Prices-Johnson Flashcards | StudBud
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Econ Topic 3: Demand, Supply & Prices-Johnson
Econ Topic 3: Demand, Supply & Prices-Johnson
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1
Tendency of suppliers to offer more goods at higher prices
elasticity of supply
law of supply
supply curve
ceteris paribus
2
Which product would you buy about the same amount of even if it doubled in price?
dress shoes
iPhone
pencils
computer
3
The market will always tend towards
more supply
higher prices
equilibrium
the invisible hand
4
What is a company's total revenue?
number of units of goods sold
sales minus costs
the price of goods and services
quantity sold times price per unit
5
Which of the following is NOT a shifter of demand?
consumer expectations
price
related goods
population
6
Payment to the government on the production or sale of a good.
subsidy
excise tax
income tax
tariff
7
A good you buy less of when your incomes increases
inferior good
luxury good
normal good
complementary good
8
A government payment that supports a business or market is a
marginal revenue
safety net
excise tax
subsidy
9
"Ceteris Paribis" means
"Law of Supply & Demand"
"Economics is difficult"
"School is Awesome"
"all other things held constant"
10
What is an example of a normal good?
$5 pizza
shoes
Cup O' Noodles
bargain matinees
11
What determines how a change in price will affect
total revenue
for a company?
company's pricing policy
elasticity of demand
values of elasticity
consumers' incomes
12
Which is an example of a variable cost?
mortgage (rent)
Netflix bill
insurance premium
electric bill
13
When prices go up and you are able to buy less, you are experiencing the ____________________
marginal downturn
revenue loss
income effect
ceteris paribus assumption
14
Minimum wage is an example of
a government subsidy
a price floor
a price ceiling
an excise tax
15
Which of the following goods has an INELASTIC supply?
toothbrushes
t-shirts
car washes
apples
16
Surfboards and wet suits are
inferior goods
substitute goods
normal goods
complementary goods
17
Change in output from hiring one additional worker
marginal cost
marginal product of labor
increasing marginal return
marginal revenue
18
Additional income from selling one more unit of a good
marginal product of labor
variable revenue
marginal cost
marginal revenue
19
Which of these products has an elastic supply?
onions
jet planes
sandwiches
condominiums
20
What factor has the greatest influence on elasticity and inelasticity of supply?
revenue
time
profit
labor
