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Economics Unit 3 Flashcards | StudBud
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Economics Unit 3
Economics Unit 3
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Review for test number 3
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
What economic theory is demonstrated through this graph?
Economies of Scope
Market Value
Diminishing Marginal Return
Economies of Scale
2
Total cost is the sum of...
All varaible costs
Fixed and variable costs
The fixed cost and overhead
fixed and marginal costs
3
An increase in demand matched with an decrease in supply will create a...
Equalibitrium
Surplus
Supply
Shortage
4
When producers offer fewer products for sale at each and every price...
The supply curve has shifted to the left
The supply curve has shifted to the right
They expect subsidies
The price per unit decreases
5
For most products and services, an increase in price results in...
reduced demand for substitutes
demand for less of the product
demand for more of the product
increased demand for complements
6
The graph shown could be the result of
Price floor
Decreased prices
Price ceiling
Increased demand
7
The Law of Demand states...
Demand does not relate to value
Demand is always relevant
increased price equals decreased demand
increased price equals increased demand
8
The level of profit-maximizing output is reached when marginal cost is...
less than marginal revenue
equal to marginal revenue
double marginal revenue
one-half of marginal revenue
9
The cost of adding one additional unit of supply is...
Total Cost
Fixed Cost
Variable Cost
Marginal Cost
10
When a customer's need for a product is not urgent, demand tends to be...
unit elastic
inelastic
elastic
complementary
11
If the government caps the price for an item they have created a...
Price floor
Price ceiling
New price
Supply increase
12
A substitute good...
Raises prices
Has no impact of price
Decreases demand
Increases demand
13
salary is an example of...
Adjustable Cost
Variable Cost
Constant Cost
Fixed Cost
14
If a modest price increase has little to no effect, the demand for the product is
inelsatic
elastic
complementary
unit elastic
15
What does the graph shown demonstrate?
Demand does not effect supply
Demand is permanent
Increases in demand will increase supply
Demand increases over time
16
The Law of Supply states...
Price does not impact supply
Increased price equals increased supply
Supply will never exceed demand
Increased price equals decreased supply
17
If income increases
Demand will decrease
Supply will go up
We will have a super big party!!
Prices will decline
18
This graph may have been created by...
A product becoming less fashionable
A price decrease
A price floor
A price increase
19
The idea that things become less valuable with increase is...
Supply Curve
Demand Curve
Diminishing Marginal Returns
Diminishing Marginal Utility
20
The substitution factor list two types of products.
Replacement/ Adedd
Substitutes/ Compition
Fixed/ Variable
Substitute/ Compliments
21
The price of capital goods is an example of...
Variable Cost
Fixed Cost
Marginal Cost
Constant Cost
22
The point at which price meets demand is called...
Equalibrium
Market Value
Supply Point
Perfect Price
