Welcome to StudyStack, where users create FlashCards and share them with others. Click on the large flashcard to flip it over. Then click the green, red, or yellow box to move the current card to that box. Below the flashcards are blue buttons for other activities that you can try to study the same information.
Reset Password Free Sign Up

Free flashcards for serious fun studying. Create your own or use sets shared by other students and teachers.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

AP Micro Unit 2 Test

Ap micro unit 2 test

Law Of Demand As Price goes up Quantity Demanded goes down and vice versa
Law of Supply As price goes up Quantity Supplied goes up and vice versa
Change in buyers tastes and preferences. Change in income. Change in # of consumers. Change in prices of related goods. Change in expectation. 5 Determinants of Demand
Change in resource prices. Change in technology. Change in taxes and subsidies. Change in expectations. Change in # of suppliers. Change in prices of related goods. 6 Determinants of Supply
Change in expectation The weatherman stated that this summer would be the hottest summer in history.
Change in Taste or Preferences Scientists at Columbia University believe that Hawaiian Punch could increase life expectancy.
Change in income I got a raise today and I want steak.
Change in number of consumers 9 months after prom there were many babies born which increased the demand for diapers.
Change in Prices of Related Goods 1 gallon of milk cost me 1 dollar but cereal cost me 10.
Change in Resource Prices The price of wood jumped from 50 to 100 so we have to produce less.
Change in technology The new chef master 5000 can make any food for any restaurant.
Changes in taxes and subsidies The government taxes the paper company a 5 dollar tax for every log the chop down.
Change in number of suppliers More drug stores are opening up allowing for more possibly cheaper options
Normal Goods A good/service whose consumption increases when income increases and vice versa. (price stays the same)
Inferior Goods A good/service whose consumption declines as income increases.
Complementary Goods Goods that are usually used or demanded together.
Substitute Goods One good that can be used in place of another.
Complementary goods What kind of goods are socks and shoes?
Substitute goods Chicken is too expensive so I am going to buy turkey
Inelastic Demand any value below 1. Demand for these products is relatively insensitive to price changes. Hard to Substitute.
Elastic Demand any value above 1. The demand of these products is very sensitive to price changes. Easily substitutable.
Unit Elastic Demand any value equaling 1. Equilibrium.
Luxury Vs. Necessity Substitutability % of income Time 4 Determinants of Elasticity of Demand
Time Substitutability % of Income Luxury v. Necessities Determinant of Elasticity of Supply
Market Period Supply cant change
Short Run can change supply by altering variable costs
Long Run Change in all your costs
Midpoint Formula Change in quantity divided by the Sum of Quantites/2 divided by Change in price divided by the sum of prices/2
Created by: erikmurphy

bad sites Copyright ©2001-2016  StudyStack LLC   All rights reserved.