ECON Unit 2 Review on Supply & Demand

Resource costs will always relate to

Law that states that as price increases, the amount of goods purchased will decrease

What is a subsidy?

The minimum wage is an example of

Profit is the amount of money a store takes in as a result of consumer purchases.

Which market structure has products that are mostly identical?

Another name for non-price factors is

What will result if a price floor is imposed in a market?

Which of the following is not labeled on the circular flow diagram?

The demand or supply curve that does not move is always showing a change in quantity and price

Advertising will most often shift the _______ curve...

Which of the following is the best example of an inferior good?

What is a major advantage of a sole proprietorship?

A shortage is created when quantity supplied exceeds quantity demanded.

When buyers and sellers interact freely both sides should walk away happy. This is

A change in price of a particular product will always change...

The amount of goods producers are willing to make at any given price

A new company in the mystery meat industry starts to compete with Spam which affects the ______

If production doubled in a given year due to demand, which of the following would result?

The intersection of the demand curve and the supply curve

A change in quantity demanded of a good would result from a change in which of the following?

What would happen at equilibrium in a wheat market?

If one of the firms in an industry goes out of business which of the following will happen?

A surplus is a signal to a producer to

Which of the following is not a business organization?

50,000 people move into Cobb County during 2017. Demand for toothpaste ...

Which market structure would fast food be an example of?

A price ceiling would most likely cause a

In a free market economy, a decrease in supply usually will result in an increase in