Microeconomics Midterm 1- Part 2/3
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| An increase in the price of product B leads to an increase in the demand for product C. This indicates that products B and C are: | Substitute goods
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| If the price of a product decreases, we would expect: | Quantity supplied to decrease
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| All of the following would affect the position of the supply curve for cranberries except: | Popularity of cranberry drinks
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| There is a surplus of tomatoes in the market. This implies that: | Supply of tomatoes is more than demand
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| A decrease in demand and an increase in supply will: | Decrease price, indeterminate quantity
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| When producers do not produce the efficient amount of a product because they are unable to charge consumers what they are willing to pay for it, we have a: | Supply-side market failure
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| When producers do not have to pay the full cost of producing a product, they tend to: | Over-produce the product because of a demand side market failure
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| The law of demand states that, other things equal: | Price and quantity demanded are inversely related
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| Broadly defined, competition involves: | Independently acting buyers and sellers and freedom to enter or leave markets
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