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Review of Supply, Demand, & Elasticity Flashcards | StudBud
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Review of Supply, Demand, & Elasticity
Review of Supply, Demand, & Elasticity
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StudBud Administration
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Unit 2 Microeconomic Concetps #microeconomics #ap #highschool
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
All are examples of price floors except....
Paying farmers NOT to produce (Depressions..)
Rent Control
Minimum Wage
Butter Mountain in EU
2
A consumer will buy more units of tacos if the value of the tacos'...
Marginal utility is less than price
Total utility is greater than price
Total utility is less than price
Marginal utility is greater than price
3
When the cross price elasticity is -4, which of the following is true?
Demand is elastic
The goods are complements
The goods are substitutes
Demand is inelastic
4
What effect is when the price of a good rises & consumers tend to buy other goods instead?
Diminishing Marginal Utility Effect
Income Effect
Substitution Effect
Ceteris Paribus
5
What is the elasticity of supply for Michelangelo's artwork?
Unit Elastic
Perfectly Inelastic
Inelastic
Elastic
6
If the cost of wheat increases, what happens to the wheat bread in the market?
No change
Quantity supplied increases
Supply shifts left
Supply shifts right
7
The income elasticity of demand is 2.4. What type of good is this?
Normal
Substitute
Inferior
Complement
8
TR increases & P decreases. What happened?
Demand is elastic
Demand is inelastic
Demand is unit elastic
Demand is perfectly elastic
9
MU of pizza: 20, P: $5. MU of candy: 4, P:$1. Utility Maximizing consumer should?
more candy, less pizza
none of the above
no changes
more pizza, less candy
10
Churros are found to stop cancerous cells. What is the result in the market?
P↓Q↓
P↑Q↑
P↑Q↓
P↓Q↑
