Econ Benchmark 2 Review

The following is a fixed cost for a business and usually does not change 

Which of the following is not a government influence on supply?

The smallest amount that can legally be paid for an hour of work & varies by state 

When the price is low, quantity demanded is high

This factor reflects the relative scarcity of resources in a market economy 

The point where supply & demand meet is known as

Which of the following are not complementary goods?

As price increases, quantity supplied increases and more suppliers would enter the market

This concept states that an increase in price results in an increase in quantity supplied 

The process that occurs when Union reps and company execs meet to negotiate a contract 

This is the most important factor in determining one's wages 

This price ceiling sets the limit in which a price can be charged for housing in certain cities

Consumers are more likely to purchase a substitute good because it is...

Which of the following is an example of a good with inelastic demand? 

A consumer's desire and willingness to be able to purchase a good or service is known as...

The growth in productivity in the United States is a direct result of ...

Goods that are used in place of one another

The purchase of this allows you to be part owner of a company