Economics Unit 2: Microeconomic Concepts 2020-21

When quantity demanded is greater than quantity supplied, a(n) _________ will result

Households spend their money in the ________

What happens to P & Q if a product is proven to cause severe health problems in children?

If the need for a product is not urgent, the product tends to be demand _________

The law of supply says that at a higher price, __________ will be offered for sale

The change shown in the graph below is a

Which of these may be considered a disadvantage of a sole proprietorship?

The change shown in this graph is a _____

A price ____________ is set above the equilibrium price

Why would someone decide to open a franchise?

If there is a decrease in price, what change will occur?

A price floor will result in a ______

a measure of how much quantity demanded changes in response to a change in price

A change in ________ causes different amounts for sale at ALL prices

What does letter E represent in the graph?

Milk and cereal are examples of __________ products

Emergency medical care has ________ demand

What happens to P & Q if a product becomes extremely popular with consumers?

If there is an increase in price, what change will occur?

A price ceiling will result in a ______

When quantity supplied is greater than quantity demanded, a(n) _________ will result

Butter and Margarine are considered ___________ products

What happens to P & Q if a massive fire destroys a factory?

The change shown in the graph below is a 

Is potato chip demand elastic or inelastic?

If the government loosens its regulations, what change will occur?

Which market type competes the fiercest over only price?

This market structure has many firms and slightly differentiated products.

If multiple firms go out of business, what change will occur to the entire market?

A price ____________ is set below the equilibrium price

Chocolate milk has ______ demand

Which situation allows for limited liability?

What happens to P & Q if a firm discovers a way to make their production much cheaper & easier?

T or F: At market equilibrium the quantity supplied is equal to the quantity demanded.

The law of demand states that as price increases, the quantity demanded of a product will _____

Businesses receive their revenue from the ______________

Which of the following may be considered an advantage of a corporation?

A(n) ____ product will have a relatively small change in quantity demand when the price changes

What is the term for a government payment to a business?

Households make their resources available for purchase in the ________

Minimum wage is an example of a _______