Economics- Unit 3

Trump creates a tax on all Mexican food to help fund the border wall- what is likely to happen?

In an economic depression the demand for lobster and caviar would-

What would happen to the equilibrium price if demand increased?

Iphone X will drop in price in 3 months, what is likely to happen before prices drop in May?

According to the law of supply, as prices ______, so will supply.

What would NOT be included in a company's explicit costs?

What would be a substitute good for a hamburger?

What is NOT considered an inferior good?

A normal good is defined by it's relation to ______

More gold is discovered in Texas, what happens to the supply of gold?

There is an increased demand for chicken wings, what represents market for chicken breasts?

In short run decisions- what is the only thing a company can control?

What would not be a complement good for a salad?

If the price of Pepsi increases the demand for a substitute good (Coke) will -

What is utility?

What is not a joint good for bacon?

During a news broadcast, mad cow disease has been eliminated from the US. What will happen?

Trend of marginal utility to decrease as ---increases is known as diminishing marginal utility

Due to a zombie outbreak, what do you expect to happen to the housing market in the area?

According to the law of demand, as prices decrease, demand will-

Oil rich Texas decides to secede from the US again... what is likely to happen?

Change in demand refers to any influence other than-

A key component to using quantity demanded is the consideration of-

What can influence supply?

Central Market began carrying Russian borscht, what happens to the demand?

Explicit costs are measured by-

What does not fit for the acronym of TRIBE?

The government announces it's going to decrease subsidies on wheat. What happens to the supply?