Ch. 6 ECON Review

Costs of production affecting consumers who have no control over them are...

When supply decreases, our supply curve will shift...

Minimum wage, a price floor, is the smallest amount legally paid for...

If in equilibrium & then supply increases, demand will be exceeded by supply, so price will...

Rent control apartments in high demand areas are a good example of... 

Financial & opportunity costs consumers pay when looking for something is...

Governments allocating goods, but not using money, is called...

A sudden lack or availability of a good is called...

On a supply & demand curve, if only price changes (certeris paribus) our curves will...

If market price falls below the equilibrium price, the market will experience a...

When consumers do not have enough information to make good choices, the market will behave...

If the price of a good exceeds what consumers are willing to pay, the good will not sell or...

Resources are used in the most valuable and productive way in what type of market?

If quantity supply exceeds quantity demand, we say the market has a...

If demand for bicycles increases, then more bicycles will eventually be sold at...

Because demand increases so quickly & unexpectedly, fads often lead to...

On a combined supply and demand schedule, what goes in the far left hand column?

On combined supply & demand schedules, where quantity supplied & demanded are the same is...

The quintessential example of a price floor is...

Communist governments & their command economies attempted to make everyone within a society...

Computers & computer products are goods whose prices have dropped due to improvements in...

When demand decreases, our demand curves shifts...

Rationing will often lead to which kind of market?

If quantity demanded exceeds quantity supplied, we say the market is in...

With technology advancements, supply will go up, demand won't change, & prices eventually...