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Unit 4 Econ Review Flashcards | StudBud
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Unit 4 Econ Review
Unit 4 Econ Review
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Flashcards
15 cards
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Questions
15
Answers
1
We have unlimited ___________ and limited ________________
equilibrium; disequilibrium
money; prices
demand; supply
supply; demand
2
A monopoly provides low competition.
False
True
3
Which of the following are complementary goods?
Computers and Laptops
Coke and Pepsi
Peanut Butter and Jelly
Flashlights and Candles
4
When price increases demand will
decrease
equalize
increase
shift left
5
A monopoly provides fewer new products.
False
True
6
A decrease in supply will result in
a surplus
a shortage
equilibrium
a decrease in demand
7
What is it called when quantity supplied is equal to quantity demanded?
Law of Supply
Disequilibrium
Elasticity
Equilibrium
8
How many cookies will Grace buy at $2 per cookie?
0
2
3
4
9
What type of market structure gives consumers the lowest prices?
Perfect Competition
Monopoly
Monopolistic Competion
Oligopoly
10
A monopoly provides the best quality goods.
True
False
11
What is minimum wage?
Price Ceiling
Economy of Sale
Equilibrium
Price Floor
12
If someone wanted to be a part owner of a corporation they would
buy stock in the corporation
be on the board of directors
write the corporate charter for the business
buy bonds from the corporation
13
Which of the following are substitute goods?
Peanut Butter and Jelly
Coke and Pepsi
Cars and Tires
Soap and Water
14
What does a person create when they want to buy a good at a certain price?
Demand
Equilibrium
Supply
Elasticity
15
A monopoly provides amazing customer service.
True
False
