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Unit 2 Test Review Flashcards | StudBud
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Unit 2 Test Review
Unit 2 Test Review
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A review over Supply & Demand, as well as the different Market Structures.
Flashcards
19 cards
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Questions
19
Answers
1
Law of Demand
Price goes up / Demand goes up
Price goes up / Demand goes down
2
Which of these is NOT a primary factor that increases/decreases supply
Change in Taxes
Change in the # of suppliers
Government regulations
Availability of natural resources
3
What is this: Product differentiation / Non-price competition / Perfect Mobility of Resources
Oligopoly
Monopolistic Competition
Monopoly
Pure Competition
4
What do you focus on when you hear "hold all other factors constant"?
Price
Quantity
Demand
Supply
5
When the happiness/satisfaction from buying a product/service begins to occur.
Diminishing Marginal Utility
None of these
Utility
Marginal Utility
6
When the government sets a "max price" that can be charged.
Price Ceiling
Prince Floor
Equilibrium
Surplus
7
If a product/service give you satisfaction/happiness it is a . . .
Diminishing Marginal Utility
Utility
None of these
Marginal Utility
8
Law of Supply
When the price of a product goes up / Supply goes up.
When the price of a product goes down / Supply goes up.
9
The EXTRA happiness/satisfaction you receive from buying a certain product/service.
Marginal Utility
Utility
None of these
Diminishing Marginal Utility
10
Demand Curves have a . . .
Positive / Upward Slope
Negative / Downward Slope
11
Which of these is NOT a factor that increases/decreases Demand?
Consumer Income
Consumer Preferences
Price of Substitutes
Government Regulations
12
When there is more supplied than there is being demanded.
Demand
Supply
Surplus
Shortage
13
Which of these is NOT a characteristic of "pure competition"?
Identical Products
Product Differentiation
Large # of buyers & sellers
Freedom of entry & exit of an industry
14
The point where a supplier & consumer are ok with trading their resources.
Surplus
Shortage
Equilibrium
Price Ceiling
15
What is demand?
People wanting things.
Desire, willingness, ability to buy products.
Being told what to do.
None of the following.
16
Who is the best college football team in the nation?
Some stupid team from Ohio.
Why even try to compete with U of M.
Razorbacks Shmazorbacks.
University of Michigan.
17
When there is more demanded than there is being supplied.
Supply
Surplus
Demand
Shortage
18
Supply Curves have a . . .
Negative / Downward Slope
Positive / Upward Slope
19
When the government sets a low limit that can't be passed.
Price Floor
Surplus
Shortage
Price Ceiling
