supply and demand econ final

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when there is a shortage what should be done

increase price

the law of demand states that there is what type of relationship between price and quantity demanded

inverse

A table that lists the quantity of a good that he single person will buy each price in a market

demand schedule

when each additional unit of a product gives you less utility it is known as what

diminishing marginal utility

The law of supply states that there is what type of relationship between price and quantity supplied

direct

The demand curve slopes in which direction

down

if the cost of making bicycles falls, the price goes down, causing the demand curve to shift to the right

false

refer to the above diagram. the equilibrium price and quantity in this market will be

$1.00 and 200

when college students leave town for the summer, the demand for meals at the local restaurants declines. this results in

A decrease in equilibrium price and quantity

which of the above diagrams illustrates the effect of a decrease in incomes upon the market for second hand clothing

B only

A firms supply curve is upsloping because

Beyond some point the production costs of additional units of output will rise

Federal minimum wage law demonstrates

Government intervention

which of the above diagrams illustrates the fact of a government tool subsidy on the market for AIDS research

C only

what do various points on a demand curve represent

Change in quantity

Goods that are bought and used together are

Complementary goods

If the cost of computer components falls, then

The supply curve for computers shifts to the right

which of the following will not cause the demand for product K to change

a change in the price of K

which of the following would not shift the demand curve for beef

a reduction in the price of cattle feed

refer to the above diagram. A price of $20 in this market will result in

a shortage of 100 units

part of the reason that LeBron James earns millions of dollars each year well schoolteachers mayor and $30,000 is because

all of the above

The law of supply states

as price increases, supply increases

The supply curve is upward sloping because

as the price increases, suppliers can earn higher levels of profit or justify higher marginal cost to produce more

All of the following shift the demand curve for automobiles to the right except

brand new automobile dealership opens in town

an increase in the price of a product will reduce the amount of it purchased because

consumers will substitute other products for the one who's Price has risen

the ideal price level is known as what

market equilibrium

A surplus happens when

prices are too high relative to consumer demand

if the price of K declines, the demand curve for the complementary product J Will

shift to the left

which of the following is not a component of demand

surplus

What happens in the market for airline travel when the price of traveling by rail decreases

the demand curve shifts left

if a sin tax is placed on sales of alcohol,

the demand curve shifts to the left

when a price ceiling is imposed above the equilibrium price,

the equilibrium outcome prevails

a surplus will occur for a product when the price is

too hihh

if the demand curve shifts to the right, then we move up and to the right along on our supply curve

true

The supply curve always slopes in what direction

up

when graphing supply and demand, Price is always on which axis

vertical


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