Economics Chapter 3-4

Which of these is not an effective way of dealing with a surplus?

If the quantity and prices of a product are raised in response to an increase in demand, it demonstrates

Hamburgers or hot dogs would be examples of

The higher the price the more a business will produce; and the lower the price the less a business will produce

Price ceilings are ________.

What would be the demand solution to a shortage?

Goods that eperience an increase in demand because of an increase in income

Which of these would not cause a change in demand?

William Stanley Jevons developed the law of diminishing marginal utility. A graphical version of this is called a

Powdered milk is an example of a

What occurs when various factors holding the market price of a product below the market equilibrium point?

If the price of corn is expected to go up this year, a farmer will probably

Which of these factors would not lead to a change in supply without a change in price?

Prices can accomplish each of these except

The term that describes the amount of a product a business is willing to provide at various prices

Aniyah's Asparagus Farm grew too much asparagus and now has a surplus. What is the best solution to reduce the excess?

If there is a decrease in supply without a change in price, the supply curve shifts ________

The man credited with coming up with the demand and supply model

A demand curve shifting to the right reflects

Flip phones used to be very popular and cost several hundred dollars. What changes have caused their price to decrease?

Jacob sells cupcakes for $2 each. His cost for them goes from $.50 to $1 each. If he keeps charging $2, his supply will

The price at which consumers are willing to take from the market as much as suppliers are willing to put into the market

Government interference in pricing often causes ________.

If demand for normal goods goes down due to poor economic conditions, the demand curve will reflect this by

If a person's income goes down, their demand for ________ will probably be the least impacted

A second piece of birthday cake's being less enjoyable than the first is an example of

If there is an increase in supply without a change in price, the supply curve shifts ________.

A couple starts dating. Soon, she realizes how annoying he is and enjoys his company less and less. This demonstrates

Bacon and eggs would be considered

A mandate that states the price for certain products may not rise above a certain point

The market equilibrium point for a product ________

The result of a business increasing prices and production above the market equilibrium point

The demand curve for a fad item (like fidget spinners) will most likely

Designer clothing is an example of

Obreonna's Lemonade Stand announces a 50% off sale, and her sales of glasses of lemonade double. This is called a

A barrier intended to prevent the price of a certain item from falling below a certain point

In the case of a shortage, a slight price increase can actually help the poor by encouraging _______.

A record of the satisfaction gained from repeated experience

If the government sets a minimum price for a gallon of milk at $6, but the equilibrium point is $5, what will happen?

The law that states that the lower the price, the more the demand; and the higher the price, the less the demand

The FDA releases a report stating that eating 16 oz of chocolate a day reduces stress. Which of these would occur first?

If TJ gets a supreme pizza when he is really hungry, how much utility will he get from a second supreme pizza?

What will the result be if the government were to set the rent for homes below the market equilibrium point?

Which of the following is not a demand solution to a surplus?

Americans first learned the dangers of price controls during the ________

If a store announces that they will be having a sale on a product next week, what will happen this week?

A table showing the quantity of a product a business is willing to supply at various prices

People tend to receive less additional satisfaction from a good or service as they receive more and more of it over time

According to economics, the act of buying is called

Goods that experience a decrease in demand because of an increase in income