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Microeconomics Review Flashcards | StudBud
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Microeconomics Review
Microeconomics Review
12 terms
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StudBud Administration
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A review to go over Microeconomics concepts.
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
With supply/demand curves, __ is represented on the X-axis and __ is represented on the Y-axis.
quantity, price
price, quantity
2
Is demand in the graph below increasing or decreasing?
Decreasing
Increasing
3
Beef has been increasing in price. What will happen to the demand for hamburger buns?
Increase
Decrease
4
There are 6 factors that cause changes in
demand
. Which choice is NOT one of those factors?
Change in the price of substitute goods
Change in the number of consumers
Government regulations
Change in expectations
5
In which market do households sell resources and businesses buy resources? (Circular Flow)
Product market
Factor market
6
The price of wheat has decreased. How will this impact the supply of bread?
Increase
Decrease
7
"As the price of a good increases, the quantity of goods offered by businesses increases"
Law of Supply
Law of Demand
8
In which market do business sell goods and households buy goods? (Circular Flow Model)
Product market
Factor market
9
Identify the correct curve below.
Supply Curve
Demand Curve
10
If the supply of bread increases, how would the supply curve shift?
To the left
To the right
11
The prices at McDonald's increase. What will happen to the demand for food from Burger King?
Decrease
Increase
12
"As the price of a good increases, the quantities consumers request for the good will decrease"
Law of Supply
Law of Demand
