Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Topic1: Micro ch.3-
Practice Quiz from lecture notes
| Question | Answer |
|---|---|
| The law of demand is illustrated by a demand curve that is: _______ | Downward sloping. |
| Which would cause a decrease in the quantity of computers supplied? | A decrease in the demand for computers. |
| When the price of oil declines significantly, the price of gasoline also declines. The latter occurs because of a(n): ________ | increase in the supply of gasoline. |
| A schedule which shows the various amounts of a product producers are willing and able to produce at each price in a series of possible prices during a specified period of time is called: ______ | Supply. |
| If the quantity supplied of a product is less than the quantity demanded, then: ________ | There is a shortage of the product. |
| If the market price is above the equilibrium price: _________ | A surplus will occur and producers will produce less and lower prices. |
| A competitive market will: ________ | achieve an equilibrium price. |
| A product market is in equilibrium: _________ | where the demand and supply curves intersect. |
| A headline reads "Storms destroy half of the lettuce crop." This situation would lead to a(n): _________ | Increase in the price of lettuce and decrease in quantity purchased. |
| Government-set price floors and price ceilings: _________ | Interfere with the rationing function of price in a free market. |
Created by:
22gonzalez
Popular Economics sets