Unit 2 Microeconomics Review

To have demand, what must you have

Which market structure is characterized by a large number of firms producing identical goods?

The consumption of cauliflower will reduce the risk of cancer. What happens to cauliflower?

Which feature do business partnerships and corporations typically have in common?

Which would MOST likely cause an increase in the supply for shovel handles?

How do supply and demand influence market price?

If the quantity supplied equals the quantity demanded at $3, there should be

What happened to the equilibrium price when the supply curve moved from S1 to S2?

What does the chart represent?

What type of market is soup in if there are a lot of sellers but products vary on quality?

What happens to the equilibrium price of whoopee cushions when the price of rubber declines?

What is the definition of Microeconomics?

If the government decided to subsidize the production of bobble-head dolls

The law of demand states..

Tripp owns Surfin Safari. He is liable. What kind of business organization does Tripp have?

If the price of widgets was set at $4

Which situation is MOST LIKELY a result of a price ceiling?

In a market economy, a high price is a signal for...

Which type of business organization has the highest level of risk in starting a business?

In the product market...

Households earn income in the ________ Market and Businesses ear revenue in the ________ Market

Which transaction refers to the flow of money through the economy?

Local residents can only use County Cable. What type of market is County Cable in?

If OPEC decided to cut oil production for the coming year, what would be the effect?

A new oven allows the bakery to produce more efficiently and more cheaply. What's the effect?

What would happen in the graph above if the price was moved from P3 to P1?

Which determinate explains the shift in demand for Taco Bell if people decide its unhealthy

What is the purpose of the circular flow?

Trayce and Shellie own Work It Out. What type of business organization is Work It Out?

The law of supply states..

Which determinate explains the shift in supply of healthy restaurant if more are opened?

PPerfect is a camera company. It competes w/ a few others. What type of market is PPerfect in?

Which shows the relationship b/w the price of a good and the quantity that consumers purchase?

Spot sells shares of its business in stock. What type of business organization is Spot?

Which determinate explains why the supply of iphones decreased b/c of a storm

Demand for OJ increases at the same time that the supply decreases b/c of which scenario?

Which determinate would cause demand to shift b/c the price of tv will increase in 2 months?

IF a local gov't sets an apartment rent price below equilibrium, what is likely the outcome?