What Is A Market Graph?

A graph of both the demand and supply curves

What Is An Inferior Good?

Goods that decrease in purchase as income increases

As prices rise a consumer's income buys less

How Do Market Surpluses and Market Shortages Occur?

Prices above equilibrium and below

When you eat a dozen doughnuts on your own, is a good example of...

The Law of Diminishing Marginal Utility

How are you doing today?

Very Epic, very nice, Yes, Emptier than an oil drum left out in the cold during winter, Pretty neutral, I could punch a little kid if the opportunity was given

The demand of the good increases as income of the consumer increases

As prices rise the supply of a good/service rises and vice versa

Prices and quantity demand inversely rise and fall together

Example Of The Substitute Effect?

$3.99 for Cheerios or $2 for "Healthy Os"

A Determinant of Demand

A change in the number of buyers

studbud

Oh Yeah AP Macro Pt.1

15 termsStudBud Administration8 plays

Yes

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What Is A Market Graph?
A graph of both the demand and supply curves
A graph of data used to make a demand curve
A graph of data used to make a supply curve
A t-chart of both demand and supply curves
2
What Is An Inferior Good?
Goods that increase in purchase as income decrease
Goods that are meant to be used one time only
Goods that don't decrease or increase in purchase as income varies
Goods that decrease in purchase as income increases
3
What is one determinant of Supply?
A change in technology
How much it costs to stock up
The change in consumer count
A change in management
4
The Income Effect
As prices rise a consumer will attempt to obtain a larger income
As prices rise a consumer's income buys less
As prices rise a consumer's income increases compartively
Haha big funny big funny haha Pt.2
5
How Do Market Surpluses and Market Shortages Occur?
Prices that do not change for extended periods of time
Equilibrium prices for too long a time
Mountain Dew
Prices above equilibrium and below
6
Equilibrium price exists where quantity and demanded supplies are equal
True
False
7
When you eat a dozen doughnuts on your own, is a good example of...
The Law of Diminishing Marginal Utility
The Law of Marginal and Beneficial Profit
The Law of Marginal Cost and Benefit
The Law of Cardiac Arrests
8
How are you doing today?
Very Epic, very nice
Yes
Emptier than an oil drum left out in the cold during winter
Pretty neutral, I could punch a little kid if the opportunity was given
9
A Normal Good?
The demand of the good increases as income of the consumer increases
Why is there a washing machine in the living room???
The demand of the good decreases as income of the consumer increases
The demand of the good increases as income of the consumer decreases
10
The Law of Supply?
Haha big funny big funny haha
Prices rise as the supply of a good/service decrease and vice versa
As prices rise the supply of a good/service rises and vice versa
As prices rise the supply of a good/service lowers
11
The Law Of Demand?
Prices rising because I said so
Prices and supply quantity rise and fall together
Prices and quantity demand inversely rise and fall together
Prices and quantity demand rise and fall together
12
Example Of The Substitute Effect?
$3.99 for Honey Bunches of Oats or $3.99 for Cheerios
$3.99 for Cheerios or $2 for "Healthy Os"
$1 for a Hershey's bar or $2 for two packs of M&Ms
$2 for a chocolate doughnut or $2 for a whole wheat bagel
13
Best Example Of A Complementary Good
Broken Arm, Doctor
Gaming Console, Video Game CDs
Cereal, Water
Shoes, Ebay
14
Which Is An Inferior Good?
Swedish Watches
Red Robin Hamburger Deluxe, THE HEART ATTACK
Microwaves
Cup Noodles
15
A Determinant of Demand
A change in the prices of related goods
A change in the number of suppliers
A change in taxes and subsidies
A change in the number of buyers

Oh Yeah AP Macro Pt.1 Flashcards | StudBud

Oh Yeah AP Macro Pt.1

15 termsStudBud Administration8 plays

Yes

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What Is A Market Graph?
A graph of both the demand and supply curves
A graph of data used to make a demand curve
A graph of data used to make a supply curve
A t-chart of both demand and supply curves
2
What Is An Inferior Good?
Goods that increase in purchase as income decrease
Goods that are meant to be used one time only
Goods that don't decrease or increase in purchase as income varies
Goods that decrease in purchase as income increases
3
What is one determinant of Supply?
A change in technology
How much it costs to stock up
The change in consumer count
A change in management
4
The Income Effect
As prices rise a consumer will attempt to obtain a larger income
As prices rise a consumer's income buys less
As prices rise a consumer's income increases compartively
Haha big funny big funny haha Pt.2
5
How Do Market Surpluses and Market Shortages Occur?
Prices that do not change for extended periods of time
Equilibrium prices for too long a time
Mountain Dew
Prices above equilibrium and below
6
Equilibrium price exists where quantity and demanded supplies are equal
True
False
7
When you eat a dozen doughnuts on your own, is a good example of...
The Law of Diminishing Marginal Utility
The Law of Marginal and Beneficial Profit
The Law of Marginal Cost and Benefit
The Law of Cardiac Arrests
8
How are you doing today?
Very Epic, very nice
Yes
Emptier than an oil drum left out in the cold during winter
Pretty neutral, I could punch a little kid if the opportunity was given
9
A Normal Good?
The demand of the good increases as income of the consumer increases
Why is there a washing machine in the living room???
The demand of the good decreases as income of the consumer increases
The demand of the good increases as income of the consumer decreases
10
The Law of Supply?
Haha big funny big funny haha
Prices rise as the supply of a good/service decrease and vice versa
As prices rise the supply of a good/service rises and vice versa
As prices rise the supply of a good/service lowers
11
The Law Of Demand?
Prices rising because I said so
Prices and supply quantity rise and fall together
Prices and quantity demand inversely rise and fall together
Prices and quantity demand rise and fall together
12
Example Of The Substitute Effect?
$3.99 for Honey Bunches of Oats or $3.99 for Cheerios
$3.99 for Cheerios or $2 for "Healthy Os"
$1 for a Hershey's bar or $2 for two packs of M&Ms
$2 for a chocolate doughnut or $2 for a whole wheat bagel
13
Best Example Of A Complementary Good
Broken Arm, Doctor
Gaming Console, Video Game CDs
Cereal, Water
Shoes, Ebay
14
Which Is An Inferior Good?
Swedish Watches
Red Robin Hamburger Deluxe, THE HEART ATTACK
Microwaves
Cup Noodles
15
A Determinant of Demand
A change in the prices of related goods
A change in the number of suppliers
A change in taxes and subsidies
A change in the number of buyers