Review Microeconomics

An increase in the cost of resources will cause the supply curve to ...

Which of the following would occur if the selling price of DVD’s goes from $11 to $20?

On a production possibilities curve any point inside the curve represents...

Goods that can be used in place of a more expensive good are called...

Alec hires two workers, buys two lawn mowers, and rents storage space. Lawnmowers represent?

A table with the quantity supplied at each particular price.

The price where quantity supplied and demanded are the same.

The type of market structure with identical products...

Company X does business with numerous producers. Each makes a slightly different product.

Limited resources and unlimited needs and wants creates...

Shareholders buy stock. Stock represents...

The relationship between price and demand is...

Price floors are prices set _____ equilibrium and cause _____.

What does a circular flow model show producers buying from consumers?

Mr. Quick goes to work with an injured knee despite warnings. Why?

Which represents an investment in human capital that would improve the standard of living?

What are the two markets in the circular flow model?

Sole proprietorships have ...

Economy that has both government and private involvement in businesses.

A change in price causes a shift ....

The population of Zebulon doubles, what happens to the demand curve for Subway in Zebulon?

The automobile and airline industries are examples of...

If more firms join a market the supply curve will...

Which of the following items would most likely improve the productivity of Mr. Quick?

On average, who in this group is likely to earn the most money?

A graphic representation of demand.

If Cole spends $25 on gas instead of taking his girlfriend out, what is his opportunity cost?

B&B Pizza is now willing to supply more pizzas without raising prices. Why?

Shoes and socks are examples of ...

Minimum wage acts as a price ___________ that creates a _____________ of unskilled labor.

On a production possibilities curve a shift to a point to the right of the curve can be caused

When prices increase, supply increases.

Rent control is an example of a...

Company XC exists in a market where they have almost total control over price.