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Supply and demand SG

Supply and demand study guide for economics

QuestionAnswer
When a consumer is able and willing to buy a good or service, he or she creates which of the following? Demand
What does it mean when the demand for a product is inelastic? A price increase does not have a significant impact on buying habits.
What kind of table lists the quantity of a good that a person will buy at different prices? Demand schedule
What is a basic principle of the law of demand? When a good's price is lower, people will buy more of it.
A shift in the demand curve means which of the following? A change in demand at every price.
What does unitary elastic demand mean? The percentage change in quantity demanded is exactly equal to the percentage change in price.
What is a company 's total revenue? The amount a company receives for selling its goods.
The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price? The quantity of demanded movie tickets will decrease.
Which of the following is an example of lower production costs brought about by the use of technology? The use of email to replace slower surface mail.
What is the effect of import restrictions on prices? They cause prices to rise.
Which of the following is the best example of the law of supply? A sandwich shop increases the number of sandwiches they supply every day when the price in increased.
When the selling price of a good goes up, what is the relationship to the quantity supplied? It becomes practical to produce more goods.
What factor has the greatest influence on elasticity and inelasticity of supply? Time
Which of the following is a fixed cost for a store? Rent
What is an example of a variable cost in a major league baseball franchise? Ticket-takers' salaries
Which of the following is an example of government influence on supply? Subsidies
What happens when wages are set above the equilibrium level by law? Firms employ fewer workers than they would at the equilibrium wage.
When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached? Equilibrium
What is the name of the smallest amount that can legally be paid to most workers for an hour of work? Minimum wage
A shortage will develop when the market price? Is below the equilibrium price.
The tendency of suppliers to offer more of a good at a higher price is? Law of supply
A payment to the government on the production or sale of a good is? Excise tax
A chart that lists how much of a good a supplier will offer at various prices is a? Supple schedule
A government payment that supports a business or market is a? Subsidy
A chart that lists how much of a good all suppliers will offer at different prices is a? Market supply schedule
A graphic representation of a demand schedule is a? Demand curve
A good that replaces another demanded good is a? Substitute
A good that is always used another good is a? Complement
What happens when consumers react to an increase in a good's price by consuming less of that good and more of other goods? Substitution effect
A measure of how people change their buying patterns when prices change in what? Elasticity of demand
Created by: Katwill678
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