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Supply, Demand, Elasticity Flashcards | StudBud

Explore/Supply, Demand, Elasticity

Movement along the supply curve is caused by ….

When output expands, production costs tend to ….

Supply, Demand, Elasticity

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Questions 9

Answers

1
When output expands, production costs tend to ….
Fall
Vanish
Rise
Stay The Same
2
Movement along the supply curve is caused by ….
A change in market price
Elasticity
An increase in production costs
A decrease in production costs
3
A rise in market price is known as
Supply Contraction
Supply Expansion
4
Market Equilibrium is.....
The X Factor
a shortage in supply
The point at which the supply and demand curves meet
a lack of demand
5
If a product is price inelastic (between 0-1) total revenue will.....
Stop
not change
Fall
Rise
6
The profit motive relates to
Production Costs
Exchange Rates
The Transformation Process
Market prices and demand rising
7
An inward shift is caused by.....
an increase in production costs
a decrease in production costs
8
If a product is price elastic (above 1), total revenue will.....
Not change
Stop
Fall
Rise
9
An outward shift is caused by....
an increase in production costs
a decrease in production costs