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Laurie SSEMI2 Flashcards | StudBud
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Laurie SSEMI2
Laurie SSEMI2
15 terms
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StudBud Administration
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#mircoeconomics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The higher the price, the ____ producers will supply
None
More
Less
None of the above
2
define: as the price of a good or service increases,quantity that suppliers offer will increase
Law of demand
Law of resource
Law of product
Law of supply
3
QS=QD
Market clearing price
Equilibrium
Incentive
price floors
4
Law of supply focuses on?
Businesses
Consumers
Producers
5
If shirts go on sale, consumer might buy 3 instead of one
Example of law of resource
Example of law of demand
Example of law of supply
6
Determined by observing the intersection of supply and demand curves
Equilibrium demand
Equilibrium price
Equilibrium Quantity
7
What also means the same as market clearing price?
incentive
Price ceiling
Equilibrium
Price floor
8
Define: As price of a good/service increases, consumer demand decreases
Law of resource
Law of supply
Law of demand
9
Is the price of a good/service at which quantity supply is equal to quantity demand
Price cealing
Price floors
market clearing price
Incentive price
10
Consumers start paying more for donuts than cupcakes, output of donuts increases
Example of law of supply
Example of law of resources
Example of law of demand
11
What determines equilibrium?
Buyers and sellers
Sellers and government
Buyers and citizens
Sellers and businesses
12
Law of demand focuses on ?
Consumers
Businesses
Producers
13
A benefit, reward, or cost that motivates an economic action
Surplus
Income
Incentive
Market
14
Before a consumer buys a product, they know they're going to benefit from buying it
Example of shortage
Example of incentive
Example of surplus
15
Where is the equilibrium located on a supply and demand graph ?
On the left side
Where the demand and supply meet
On the right side
X marks the spot
