Econ Chpt 4-6 Review NB

The extra usefulness one gets when acquiring or using a good or service:

Price floors are enacted to:

Which good would be the most elastic?

This shows the change of output with a single variable change in production:

High prices tell consumers to:

The costs of business licenses and rent can be an example of:

How is a surplus dealt with?

What is the law of supply?

Competition in a market will:

Sometimes the more employees a company hires the less profit is made, this is an example of:

What must be present in order to have demand?

How quantity supplied responds to a change in price is called:

The demand curve is always:

To ensure that all operating costs are covered this must be reached:

What is a problem with rationing?