What is a company's total revenue

The amount a company gets for selling its goods

What is a basic principle of the law of demand

When a Goods price is lower people will demand more of

What does it mean when the demand of a product is inelastic

A price increase doesn't have an impact on buying habits

What determines the price and quantity produced of most goods

the interaction of supply and demand

What are inferior goods?

goods for which the demand falls when the income rises

Ceteris Paribus, all held constant, is an assumption that has which of the following effects

it takes only prices into account

Which of the following is the best example of the Law of Supply?

A sub shop ^ the number of subs supplied when $ increases

A shift in the demand curve means which of the following

A change in demand at every price

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Supply/Demand/Price review

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Questions 15

Answers

1
What kind of table lists the quantity of a good that a person will buy a different prices
Market demand curve
Market demand schedule
Demand curve
Demand schedule
2
What is a company's total revenue
The amount of profit a company can expect to make
The amount a company gets for selling its goods
The amount of goods a company can expect to cell
The price of a company's Goods
3
What is a basic principle of the law of demand
Services are vinterest in the same way the goods are
The higher the price the more people want the good
Everyone has a limited income that they will spend
When a Goods price is lower people will demand more of
4
When prices rise, which of the following happen to income?
it is used to buy different things
it rises to meet prices
it buys less
It goes down
5
What does it mean when the demand of a product is inelastic
A price increase doesn't have an impact on buying habits
Customers are sensitive to the price of the product
There are very few satisfactory substitutes for the product
People will not buy product when the price goes up
6
What determines the price and quantity produced of most goods
the quality of the goods that are produced
the interaction of supply and demand
the consumer's perception of necessity
the availability of substitutes for the goods
7
Which of the following is a fixed cost for a store
short term workers
advertising
rent
inventory
8
Which of the following goods would be likely to be bought in the same quantity even if $doubled
hamburgers
pencils
computers
shoes
9
Which of the following is a good that might not be bought when prices rise
complement
inferior good
luxury good
substitute
10
What are inferior goods?
goods for which the demand rises when the income falls
goods that are not well produced
goods that no one wants to buy
goods for which the demand falls when the income rises
11
what shows the quantities of products demanded at each price by all consumers in a market
an elasticity and consumption list
a market pricing list
a schedule of consumer prices
a market demand schedule
12
Ceteris Paribus, all held constant, is an assumption that has which of the following effects
it is accurate only at one price level
it takes only prices into account
It is accurate no matter what changes occur
it considers the effects of all possible changes on demand
13
When a consumer is willing and able to buy a good or a service, he or she creates what?
consumption
elasticity
supply
demand
14
Which of the following is the best example of the Law of Supply?
Mill company builds new factory to process flour for export
A sub shop ^ the number of subs supplied when $ increases
catering company buys a new dishwasher to make work easier
Food producer ^ the # of acres of wheat grown for supply
15
A shift in the demand curve means which of the following
a decrease in both price and quantity demanded
A change in demand at every price
A rise in prices
A change in consumer income

Supply/Demand/Price review Flashcards | StudBud