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UCF micro eco test 1

DefinitionTerm
A table that shows the relationship between the price of a product and the quantity of the product demanded. Demand Schedule
A curve that shows the relationship between the price of a product and the quantity of the product demanded. Demand Curve
The requirement that when analyzing the relationship between two variables—such as price and quantity demanded—other variables must be held constant. Ceteris paribus (“all else equal”) condition
The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease. Law of Demand
The law of demand A shift to the right is increase in demand
The law of demand A shift to the left is decrease in demand
Increase in income increases demand if product is normal, decreases demand if product is inferior. Income of consumers
Increase in price of related good increases demand if products are substitutes, decreases demand if products are complements Prices of related goods
Goods for which the demand increases as income rises, and decreases as income falls. Normal goods
Goods for which the demand decreases as income rises, and increases as income falls. Inferior goods
Goods and services that can be used for the same purpose. Substitutes
Goods and services that are consumed together. Complements
Future products are_________ for current products substitutes
An expected increase in the price tomorrow ___________ today. increases demand
An expected decrease in the price tomorrow____________ today. decreases demand
A table that shows the relationship between the price of a product and the quantity of the product supplied. Supply Schedule
A curve that shows the relationship between the price of a product and the quantity of the product supplied. Supply Curve
The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied. The law of supply
The law of supply A shift to the right is increase in supply
The law of supply A shift to the left is decrease in supply
are things used in the production of a good or service. Inputs
An increase in the price of an input decreases the profitability of selling the good, causing a _______ __ _________ decrease in supply
A decrease in the price of an input increases the profitability of selling the good, causing an _______ ___ ________ increase in supply
A change in the price of the product being examined causes a movement along the supply curve. change in quantity supplied.
The law of supply: causes the entire supply curve to shift. change in supply
a situation in which quantity demanded equals quantity supplied. market equilibrium
Price is determined by the __________ of buyers and sellers. interaction
changes in ________ and/or _________ will affect the price and quantity traded. supply, demand
movement along the curve caused by price change
shifting the curve caused by other changes
five most important Variables That Shift Market Demand • Income • Prices of related goods • Tastes • Population and demographics • Expected future prices
five most important variables that shift market supply • Prices of inputs • Technological change • Prices of substitutes in production • Number of firms in the market • Expected future prices
is the difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer receives. Consumer surplus
is the difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives. Producer surplus
the additional cost to a firm of producing one more unit of a good or service. Marginal cost
The reduction in economic surplus resulting from a market not being in competitive equilibrium is known as deadweight loss
A legally determined maximum price that sellers can charge. Price ceiling
A legally determined minimum price that sellers may receive. Price floor
a market in which buying and selling take place at prices that violate government price regulations. black market
the actual division of the burden of a tax between buyers and sellers in a market. tax incidence
A steep demand curve means that buyers ______________ how much they buy when the price changes; this results in them_____________ do not change, taking on much of the burden of the tax.
If the demand curve were shallower buyers,__________ how much they buy when the price changes. Then they________ would change , could not be forced to accept as much of the burden of the tax.
Created by: 1428323037
 

 



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