Economics Unit 2, Test 1

A change in the price or availability of a substitute or compliment causes supply to shift.

Supply curve shifts because of all, BUT, "change in..."

Demand is the opportunity cost of the...

A complimentary good for an iPhone?

Ad trivia: What soft drink advertises itself as the "uncola"?

Ad trivia: What product wanted to help teach the world to sing in perfect harmony?

Ad Trivia: What company slogans include "A better life, a better world", "Ideas for life"?

This cost isn't neutered, it just doesn't change regardless of # produced.

Which does not cause a demand shift? change in...

Inelastic demand curve's alphabet doppelganger...

Ad trivia: This man was the mascot for...

What is caused by price P2?

Type of curve

According to the law of supply, what causes the quantity supplied to increase?

An elastic supply curve means that it...

The cost that is dependent upon the number supplied, such as gas for a school bus.

Stove top stuffing offers itself as an alternative to potatoes, aka...

BOGO - deep discounts for selling a second item indicates.

This is...

TRIVIA: Believe it or not, this is an actual olympic mascot for games in what country?

Quantity demanded > quantity supplied.

The point where demand and supply meet.

To calculate revenues, you take the quantity sold times which statistic?

An inelastic demand curve means that it...

Result of the price change from P1 to P2...

The cost for the next item or set of items, used in determining supply elasticity.

Neither supply or demand will shift when this changes.

What is a compliment to this good?

Most countries w/ universal health care have price ceilings. If below equilibrium, they create

According to the law of demand, as price of a good or service increases the quantity demanded

Price effect is what creates the...

Trivia: Which of the following is not a breakfast cereal of the 1950s?

Demand elasticity does NOT involve...

Ad trivia: What company wants you to "eat fresh"?