Econ Midterm Review

If a product is elastic, it means that

A situation in which quantity demanded is greater than quantity supplied is known as

The next best alternative is known as

A large number of sellers, a large number of buyers and identical goods describe what?

Giving resources to produce one thing instead of another, in terms of economic decisions

Which of the following is NOT a factor of production?

The demand curve is

The law of demand states

The supply curve is

If the price of new automobiles goes up how will the demand for used cars change?

If prices of ice cream decrease, what will happen to the demand curve of hot fudge?

The idea that society does not have enough resources to produce all of the wants of the society

Consumers’ willingness to replace a costly item with a less costly item is an example of

The United States has which type of economy?

A situation in which quantity supplied is greater than quantity demanded is known as

The price at which neither a surplus or shortage of a product exists is known as

In a Command Economy, who makes the decisions about what, how and for whom decisions are made?

Nike expects that shoe prices will increase in the next 12 months, what will it supply today?

For most products and services, increased price results in

The Law of Supply states that