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Microeconomics
Microeconomics
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Small quiz on microeconomics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which causes a shortage?
Price Floor
Price Ceiling
2
What is microeconomics?
Demand
Money and Demand
The study of people and businesses within a market
Supply
3
What are 3 types of business organizations?
Mixed, command, market
Monopoly, market, corporations
Sole proprietorship, partnerships, corporatioons
EU, NAFTA, ASEAN
4
Which line represents supply?
Red
Blue
Black
5
Which point is equilibrium?
C
E
B
A
6
What does the law of demand state?
What people want
Money and price
Demand and supply
Quantity demanded is inversely proportional to price
7
What is a price ceiling?
Min price at which a good can be sold
aka price floor
The roof
Max price at which a good can be sold
8
What goes in the missing blank?
Resources
Store
Buisnesses
Retail
9
What is equilibrium?
Demand- supply
Supply = demand
Supply/ demand
Supply is demand
10
What does the law of supply state?
Quantity supplied is directly proportional to price
Supply and Demand
How much food you should have
How much money you have
11
Which one is one of the 4 market structures?
Corporations
Command
Market
Monopoly
12
What do businesses produce?
Wages
Goods and Services
Profit
Revenue
13
Which of these are NOT factors affecting price determination?
Inflation
Substitute goods
Changes in technology
Complementary goods
14
What is price elasticity?
Stretchy price
Inelastic demand
% change divided by % change in price
Elastic supply
15
What is supply?
Goods
Amount of a certain good producers are willing to produce
How much money you have
The food in your pantry
