Econ Ch 4 and 5 Final Review

A(n) __________ is the numerical representation of the law of supply

True or false? Future price expectations can cause a shift in the supply curve

True or false? Weather is a factor that can cause a shift in the supply curve

Refers to the number of units of a good produced and offered for sale at a specific price

According to the law of supply, as price increases ____________ rises

A ________________ graphically represents the law of demand

A ______ is a financial payment made by the government for certain actions

According to the _________, as a person consumes additional goods, the utility gained decreases

The willingness and ability of buyers to purchase different quantities of goods at diff prices

according to the Law of Demand, as the price of a good rises, the __________ of the good falls

Supply is the _______of sellers to produce and offer to sell quantities of goods at diff prices

If the price of a good with elastic demand increases,  the quantity demanded of the good

If as the price for Haagen Daas increases, the demand for Ben and Jerry's increases, then 

The price of gas hits $5 a gallon. The demand for large SUVs will most likely 

any place where people come together to buy and sell goods or services

If a business wants to increase its total revenue, it can

If the price of a good with inelastic demand increases, the quantity demanded of the good 

A decrease in demand for a good causes the demand curve to shift 

True or false? Advances in technology can cause a shift in the supply curve

A(n) _________ is the graphic representation of the law of supply

An increase in demand for a good causes the demand curve to shift to the 

Demand for a good is more likely to be inelastic if

The only things that will cause a seller to change the quantity supplied is a change in

An increase in taxes will shift the supply curve

The supply of which of the following goods would most likely be affected by weather?

A newly developed seed increases the corn yield. The supply of corn

legal limit on the number of units of a foreign-produced good that can enter a country is a

According to the _______________, price and quantity demanded are inversely related. 

A major drought destroys crops in America’s heartland. The supply of corn will

The numerical representation of the law of demand is referred to as a