Microeconomics Review 2nd Sem.

What might result from mergers and acqusitions?

Which of the following is NOT a reason that price performs the allocation function?

What is supply?

What is the law of demand?

Buying one can of soda at lunch, instead of two, illustrates what concept?

The ability, willingness and desire for product all must exist to have what?

Elasticity of supply depends on what?

What is scarcity?

Which is an example of a government monopoly?

If a consumer’s need is not urgent; the product tends to be what type of elasticity of demand?

Few sellers, Some price power, Considerable non-price competition, Difficult entry into market

Advertising is an example of which of the following?

Which is an example of a technological monopoly?

What factor causes a change in quantity demand?

What is shown on this graph?

Which is an example of a natural monopoly?

At least four unrelated businesses, each not making up a majority of sales:

If the price of steel increases, what will happen to the supply of cars?

Beef supplies __ becauseof drought in ranching states; consumers turn to pork as a _ for beef.

When a product has few subsitutes its elasticy of demand tends to be:

What does the Security and Exchange commision regulate?

Whatis the law of supply?

When is there a shortage?

Which of the following is a Negative Externality?

Which of the following is NOT a role of the U.S. government in our economy?

Which of the following is a postive externality?

Which of the following is an example of a Public Good?

OPEC is an example of a __.

  What is equilibrium?

Which of the following is NOT a factor of production?

•Many firms •No price power •Homogenous product •No advertising •Easy entry to market

Whatis a price ceiling and who does it usually help?

Which of the following is a correct pairing of complements?