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UCF micro eco test 1 Quiz

Select the Term that corresponds to the displayed Definition.
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1. A decrease in the price of an input increases the profitability of selling the good, causing an _______ ___ ________




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2. 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.




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3. The law of supply A shift to the left is




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4. shifting the curve caused by




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5.  are things used in the production of a good or service.




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6. a market in which buying and selling take place at prices that violate government price regulations.




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7. the actual division of the burden of a tax between buyers and sellers in a market.




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8. The law of demand A shift to the left is




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9. five most important variables that shift market supply




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10. Increase in price of related good increases demand if products are substitutes, decreases demand if products are complements




Select the Definition that corresponds to the displayed Term.
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11. Supply Schedule




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12. Inferior goods




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13. increase in demand




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14. Demand Schedule




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15. Law of Demand




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16.  do not change, taking on much of the burden of the tax.




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17. • Income • Prices of related goods • Tastes • Population and demographics • Expected future prices




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18. increase in supply




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19.  substitutes




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20.  would change , could not be forced to accept as much of the burden of the tax.





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