Econ Microeconomics Review

When the cost of a resource in making widgets increases, what happens to price and quantity?

In the Flow Model, government takes in ______ and sends out _____ to businesses/households

Where you buy goods and services is located in the 

Market structure: few firms, high barriers to entry, all firms aware of each other's prices

When people's income rises, what happens to overall (Aggregate) price and quantity demanded?

The gov't increases regulation regarding airline tickets, what happens to the price/quantity?

According to the Demand, when prices increase - what happens to quantity demanded?

Which business organization can raise enormous amounts of capital quickly?

According to the Law of Supply, when prices increase - what happens to quantity supplied?

Where supply and demand meet is called

If a good or service is elastic, what will consumers do?

Which market structure is known for having virtually no barriers to entry?

Market structure: large number of firms, few barriers to entry, products similar/not identical

Your boss just bought a pizza oven that can make twice as many pizzas at once. Price/quantity 

Which of the following is not part of the Circular Flow Model?

In the Circular Flow Model, the Factor Market is where you acquire 

Market structure: one firm, very high barriers, one kind of product, no other competition.

Which business organization has unlimited liability?