What is the law of supply

direct relationship between price and quantity

The income effect says.....

if you make more money you will buy more stuff

What would make a sports magazine's demand increase

new sports fans have been following an athlete

What is defined as each additional unit is less and less satisfying?

law of diminishing marginal utility

What is the law of demand?

Inverse relationship between price and quantity

Under the substitution effect, what will happen when the price of a good increases?

some people will substitute another similar good for it

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Supply and Demand

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intro to supply and demand

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Questions 15

Answers

1
What are the 3 fixed costs?
land labor capital
rent insurance loans
what how for whom
margin efficiency return
2
If price changes does Demand change?
Por supuesto
I don't know I am sleeping
Yes
no
3
What is the law of supply
direct relationship between price and quantity
inverse relationship between price and quantity
4
The income effect says.....
if you make more money you will buy more stuff
if you make more money you will buy better stuff
no change
if you make more money you will buy less stuff
5
What is a price line?
A vertical line
a horizontal line
a pickup line
a diagonal line
6
If quantity does not change much with a change in price, the good is said to be.....
unitary elastic
elastic
inelastic
elastic band
7
a good that breaks the income effect is called a(n) ....
normal good
elastic
inferior good
an income effect breaker thing
8
What happens to equilibrium price when supply increases?
decreases
Mr. Mastrovito cries
Increases
stays the same
9
a price line above equilibrium causes a .....
surplus
shortage
panic
shift
10
What would make a sports magazine's demand increase
the price decreases from $5.75 to $4.85
the price of paper increases
new sports fans have been following an athlete
4 new sports magazines have started
11
What does ceteris paribus mean?
whistle while you work
do your homework
all other things held constant
everything is different
12
What is defined as each additional unit is less and less satisfying?
law of diminishing marginal utility
Supply
law of otivortsam
demand
13
What is the law of demand?
Inverse relationship between price and quantity
Direct relationship between price and quantity
Inverse relationship of demand
Direct relationship of supply and demand
14
What is the measurement for like?
supply
Demand
utility
what your mom tells you to like
15
Under the substitution effect, what will happen when the price of a good increases?
some people will substitute another similar good for it
we will buy more of the good
we will stop buying any of the good
nothing

Supply and Demand Flashcards | StudBud