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