UCF micro eco test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A table that shows the relationship between the price of a product and the quantity of the product demanded. | show 🗑
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| show | Demand Curve
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| The requirement that when analyzing the relationship between two variables—such as price and quantity demanded—other variables must be held constant. | show 🗑
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| show | Law of Demand
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| show | increase in demand
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| The law of demand A shift to the left is | show 🗑
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| Increase in income increases demand if product is normal, decreases demand if product is inferior. | show 🗑
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| Increase in price of related good increases demand if products are substitutes, decreases demand if products are complements | show 🗑
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| Goods for which the demand increases as income rises, and decreases as income falls. | show 🗑
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| Goods for which the demand decreases as income rises, and increases as income falls. | show 🗑
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| show | Substitutes
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| show | Complements
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| Future products are_________ for current products | show 🗑
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| show | increases demand
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| An expected decrease in the price tomorrow____________ today. | show 🗑
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| show | Supply Schedule
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| A curve that shows the relationship between the price of a product and the quantity of the product supplied. | show 🗑
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| show | The law of supply
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| show | increase in supply
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| show | decrease in supply
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| are things used in the production of a good or service. | show 🗑
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| show | decrease in supply
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| A decrease in the price of an input increases the profitability of selling the good, causing an _______ ___ ________ | show 🗑
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| A change in the price of the product being examined causes a movement along the supply curve. | show 🗑
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| The law of supply: causes the entire supply curve to shift. | show 🗑
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| a situation in which quantity demanded equals quantity supplied. | show 🗑
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| Price is determined by the __________ of buyers and sellers. | show 🗑
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| show | supply, demand
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| show | price change
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| shifting the curve caused by | show 🗑
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| show | • Income
• Prices of related goods
• Tastes
• Population and demographics
• Expected future prices
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| show | • Prices of inputs
• Technological change
• Prices of substitutes in production
• Number of firms in the market
• Expected future prices
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| show | Consumer surplus
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| 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. | show 🗑
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| the additional cost to a firm of producing one more unit of a good or service. | show 🗑
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| show | deadweight loss
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| show | Price ceiling
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| A legally determined minimum price that sellers may receive. | show 🗑
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| a market in which buying and selling take place at prices that violate government price regulations. | show 🗑
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| the actual division of the burden of a tax between buyers and sellers in a market. | show 🗑
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| A steep demand curve means that buyers ______________ how much they buy when the price changes; this results in them_____________ | show 🗑
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| show | would change , could not be forced to accept as much of the burden of the tax.
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