Mrs. H Microeconomics Review

Which market structure has no control over price?

As prices rises, quantity demanded will fall is the_______________________.

A decrease in the number of competitors in a market would ___________________.

____________provide income, goods, and services to _____________.

Wheat and corn would be an example of ___________.

Which arrows show the movement of goods and services from businesses to households?

If the government buys a tank from a company they buy from the 

Price in an incentive for _______ to provide goods and services.

What is the study of microeconomics?

Which arrows show the movement of the factors of production from the households to businesses

If there's no control over price. What happens to a business if rent by goes up $500?

Bad weather means grape growers lose a lot of their crop, why might the price of wine increase?

Which non-price determinant would cause the supply curve to shift to the right?

Specialization helps economies become __________________.

The government setting a ­­­­____ will cause a surplus, while a________ will cause a shortage. 

A change in expectations of producers can shift the ______ curve.

Demand for hats increases, how will hat producers in a competitive market respond

Which arrow shows the money that Steve earns from his hat business?

Examples of a government protecting your property rights would be__________.

A _________ has only one firm, sets its own price, and is nearly impossible to enter.

The point at which quantity supplied equals the quantity demanded is called_____________.

What would the price and quantity supplied be if a price floor at $9 was removed?

A study says lettuce can cure diabetes. What effect will the study have on the lettuce market?

Which is an example of capital for an oil company?

The Factor Market is where ________ sell their resources and __________ buy their resources?

Governments will sometimes impose a price ceiling to control how ___ a price of a good will go.

Which of the following non-price determinants will not cause a shift in demand?

What would a price of $9 cause?

When you chose to buy a cheaper version of a product you are buying a _____________.

Tools,equipment, or other goods used to produce other goods and services would be considered __

According to the table, what is the equilibrium price?

23. When the quantity demanded is ________ than the quantity supplied a­­ shortage occurs.

Tommy makes a bunch of toys but the demand for toys is lower than his supply what should he do?

The law of ___________ states as price rises, quantity supplied rises.

Which arrows shows the money earned by and then spent by businesses?

Change in quantity demand shows a _______ and is caused only by a change in a good’s own price.

Which would cause a shift in supply?

Because there is no real good substitute, gas would have a(n)___________ demand.

A lot of competition/advertise lots/product is different. What kind of market structure is this

What would happen if a price floor was set at $9?

Which of the following is most likely to be the most inelastic?

An ___in the price of peanut butter causes a ____ in the demand for jelly. PB&J are compliments

A higher standard of living results from __________________________________.

Which non-price determinant would cause the demand curve to shift to the right?

This graph represents _____________________.

With a price ceiling at $5, what would the quantity supplied and quantity demanded be?

Which market structure is difficult to enter and has only a few firms?

Which market structure has little control over price and it is easy to enter the market?

Cereal and soft drinks would be an example of ____________.

Households and Businesses are economically _______ on each other to provide goods and services.

Consumers and producers make most decisions about what, how, and who will consume in a ______.

An improvement in human capital would be ___________________.

Jeans  would be an example of________________.

The market clearing price is

Because people’s wants are greater than their resources_____________________.