Micro Unit 2 Review

If two curves shift at the same time either price or quantity will be ___________

You can find DWL using

Equilibrium is where...

Shows how sensitive quantity is to a chance in price

A price floor goes __________ equilibrium

Consumers must be _____ & ______ to have demand?

A price ceiling goes _______ equlibrium

The demand curve is always

The law of demand shows a(n) ________________ relationship between P and Qd

A loss in consumer and producer surplus is called

When there is a surplus price is ____________ equilibrium

"Marginal" means

T or F: Quantity demanded and demand are not the same thing

When there is a shortage the price is ___________ equilibrium

Which of the following is NOT a shifter of supply?

The difference between what you are willing to pay and what you actually pay

Which of these is NOT a shift in demand?

If soda and chips are compliments and the demand for chips increases

What is an example of elastic demand?

Nutella is a normal good for Sue. When Sue's income decreases...

If oranges and bananas are substitutes and the price for oranges increases...

You'll maximize marginal utility when

The difference between the price the seller received &how much they were willing to sell it for

The law of supply says there is a(n) ______________ relationship between P and Qd

T or F: Price shifts the demand curve

What is an example of inelastic demand?

Billy considers store brand cereal as an inferior good. As his income increases...