Duplicate of Demand, Supply and BOTH

What is a company’s total revenue?

The change in price was 10%, and the change in quantity supplied was 30%. The good is

What effect does the availability of many good substitutes have on the elasticity of demand for a good?

A government regulation that sets a minimum level for prices is called a

The production costs that change as the level of output changes are called

The resources used to make all goods and services are the

If factors other than price cause an increase in the demand for products, a demand curve shifts

The price of fuel used in farm machinery increases to a new high. The supply of corn will

Researchers have found a hybrid of corn that is cheaper to grow. This technological breakthrough

In which type of economic system does the government answer the three basic questions of economics?

A price ceiling is

Goods X and Y are substitutes. If the price of Y increases, then the

Which economist claimed that the government should take a hands off approach to economics?

The price of beef rises. The demand for hamburger buns will

Examples of Government actions that affect supply

Competition in a market tends to

Which of the following describes economics as it ought to be?

If the number of companies producing clocks increases, then the

Which of the following is an example of a variable cost?

If a good is “normal,” then an increase in income will result in

A movement along the supply curve might be caused by a change in

If a product is not a necessity, it will tend to have

What is a company’s profit?

A price ceiling set below the equilibrium price leads to

What does it mean when the demand for a product is inelastic?

If competition in the cell phone market increases, the supply curve for cell phones will shift

If new pollution controls are put on companies that make wrenches, the supply of wrenches will

If a good can be made quickly, inexpensively & using a few, readily available resources, it has

What situation exists when QS and QD for a product are equal?

What is the major basic problem in economics and forces people to make choices?

When a surplus exists in a market, price is

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

If a new tax is levied on the producers of widgets, the supply curve for widgets will shift

Which of the following government actions will increase supply?

The amount of a product a consumer is willing and able to buy is called

Explain how you illustrate an increase in the quantity demanded of a good.

Which of the following describes the law of demand? As,

The law of supply states that consumers will purchase more at low prices.

When quantity supplied is greater than the quantity demanded at a particular price, ___ exists.

The U.S. government increases the subsidy to corn production. The supply of corn will

The term for the amount of satisfaction a consumer receives from consuming a product is

On which kinds of goods do governments generally place price ceilings?

If there are readily available substitutes for a product, that product will tend to have

If macaroni and cheese is an inferior good, then a decrease in income results in

The price where quantity supplied equals quantity demanded is called the

If the demand for a product decreases, we would expect