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Microeconomics Study Sesh Flashcards | StudBud
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Microeconomics Study Sesh
Microeconomics Study Sesh
22 terms
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micro
Flashcards
22 cards
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Questions
22
Answers
1
A disadvantage of a Sole Proprietorship is?
easy to start
too flexible
Unlimited Liability
no separate tax return
2
What can affect the quantity supplied of a good?
Price
Input Prices
Technology
Number of Producers
3
Elastic Graphs (supply and demand) are
Steep in slope
flat in slope
no slope
Gradual in slope
4
Area of econ that deals with behavior and decision making by small units like individuals/firms
personal finance
Microeconomics
economics
Macroeconomics
5
What does aggregate mean?
quantity
differentiation
Total demand/supply in market
liability
6
When 2 goods are
complements
; a
decrease
in price of one
shifts the demand for the other left
False
True
7
Who has limited liability in a corporation?
CEO
Everyone
the Board
shareholders
8
Which of the following would be considered a product that was elastic in demand?
Steak
Bread
Eggs
Gas
9
What is the one determinant in Elasticity of Supply?
Delay of Purchase
Responsiveness
Large amount of income
Are their substitutes
10
Coke and Pepsi fall under what type of Market Structure?
Monopolistic Competition
Perfect Compeition
Oligopoly
Monopoly
11
What is another name for the equilibrium price?
Market Clearing Price
Aggregate Price
Price
None of the following
12
When the Quantity Demanded is larger than the Quantity Supplied:
Price Floor
Surplus
Debt
Shortage
13
Advertising and Product Differentiation are characteristics of which market structure?
Oligopoly
Perfect Competition
Monopoly
Monopolistic Compeition
14
Money serves as a store of value because you can
spend it
compare prices
save it
receive wages
15
The maximum price set by the government is known as?
Price Ceiling
Market Clearing Price
Equilibrium Price
Price Floor
16
When price changes it changes the quantity demanded/supplied, how is this illustrated?
no movement
movement along the curve
curve shifts left/right
curve shifts up/down
17
Which product would be inelastic in supply?
paper
DVDS
cookies
a car
18
What could cause this shift?
Increase in # of Consumers
Decrease in # of Consumers
Increase in Price
Decrease in Price
19
A main reason consumers choose substitutes is that
they are made in Japan
all products are the same
they are the same price
they are relatively cheaper
20
Price wars are common in which type of market structure?
oligopoly
perfect competition
monopolistic competition
Monopoly
21
When the quantity supplied is great than the quantity demanded?
Price Ceiling
Debt
Shortage
Surplus
22
What can affect the quantity demanded for a product?
Number of Consumers
Price of Substitute Good
Income
Price
