Midterm Test Review #2

Which example best fits this market situation?

When the price of butter increases, the demand for margarine increases.

Which supply determinant is most important to producers?

What is the main difference between Perfect and Monopolistic Competitive Markets?

Which Price Elasticity of Demand example was price sensitive or would be “luxuries”?

Which Price elasticity of supply example was price "INsensitive", and a takes longer to switch production?

The D Curve slopes downward b/c of the Law of Demand and b/c of Diminishing Marginal Utility

When there's a change in D and Supply is held constant (Sk), both P and Q vary directly (move the same way) with ΔD

Which is NOT a Demand Determinant? (or not part of PINTE?)

Which of these could have caused this situation?

Which expression best fits this market situation?

What is this market situation called?

Which of these is TRUE about this market?

Which of these is the best example of monopoly in today’s economy?

Which of these would be an example of this market situation?

The greater the price, the less you want

Which Market Structure was T-Mobile, AT&T, and Verizon?

Which of these best describes this graph?

If price is higher than equilibrium, there is a shortage; at a lower price, there is a surplus.

Which of these “economic actors” has the most important role in the U.S. Economy? (Think GDP from Ch. 1)