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Supply, Demand & Elasticity Flashcards | StudBud
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Supply, Demand & Elasticity
Supply, Demand & Elasticity
18 terms
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StudBud Administration
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micro economics leaving cert
Flashcards
18 cards
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Questions
18
Answers
1
if YED < 1
the good is giffen
the good is luxury
The good is normal
The good is inferior
2
In the market drawn on the right, what is represented by the space BELOW the broken red line?
marginal revenue
Total revenue
Consumer surplus
Producer surplus
3
when referring to equilibrium which one of the following is
incorrect
.....
The market just clears
markets are imbalanced
Quantity demanded equals quantity supplied
There is no inherent tendency to change,
4
This graph represents a......
Shift in the supply curve
Movement along the demand curve
Movement along a supply curve
Shift in the demand curve
5
IF YED is negative the good is
normal
Supernormal
Luxury
inferior
6
This graph represents a .....
Movement along a demand curve
Shift in a demand curve
Shift in a supply curve
Movement along a supply curve
7
which of the following is NOT an assumption for the law of Diminishing Marginal Utility.
Equilibrium must be maintained
consumer tastes don't chnage
consumer incomes must not change.
Applies after the origin
8
what law does this image refer to?
Law of Equilibrium
Law of Supply
Law of Demand
Law of Diminishing Marginal Utility
9
The 'Y' in YED stands for....
Yes
Year
income
price
10
what law does this image refer to?
Law of Demand
Law of Equilibrium
Law of Supply
Law of Diminishing Marginal Returns
11
If PED = 1
unit elastic
demand is elastic
perfectly inelastic
demand is inelastic
12
PED stands for......
Pay elastic demand
Price elasticity of demand
13
If PED > 1 demand is .....
perfectly inelastic
inelastic
elastic
unit elastic
14
If YED > 1
the good is normal.
the good is inferior
the good is luxury
the goof is sold out
15
Which of the following is not an exception of the Law of Demand?
Goods of addiction
status symbols/snob goods
price
Giffen goods
16
PED is between 0 and 1
demand is inelastic
demand is perfectly inelastic
Demand in elastic
demand is unit elastic
17
if PED = 0
demand is elastic
then demand is inelastic
demand is unit elastic
demand is perfectly inelastic
18
In the market below, what is represented by the space Above the broken red line?
Total Revenue
Producer Surplus
Marginal Revenue
Consumer Surplus
