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UCF micro eco test 1 Test

Enter the letter for the matching Term
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1.
A table that shows the relationship between the price of a product and the quantity of the product demanded.
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2.
changes in ________ and/or _________ will affect the price and quantity traded.
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3.
A steep demand curve means that buyers ______________ how much they buy when the price changes; this results in them_____________
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4.
Goods for which the demand increases as income rises, and decreases as income falls.
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5.
The requirement that when analyzing the relationship between two variables—such as price and quantity demanded—other variables must be held constant.
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6.
Goods for which the demand decreases as income rises, and increases as income falls.
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7.
Goods and services that are consumed together.
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8.
The law of supply A shift to the left is
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9.
A table that shows the relationship between the price of a product and the quantity of the product supplied.
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10.
A curve that shows the relationship between the price of a product and the quantity of the product demanded.
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11.
is the difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer receives.
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12.
The law of demand A shift to the left is
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13.
a situation in which quantity demanded equals quantity supplied.
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14.
An expected decrease in the price tomorrow____________ today.
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15.
Goods and services that can be used for the same purpose.
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16.
The reduction in economic surplus resulting from a market not being in competitive equilibrium is known as
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17.
The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied.
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18.
Future products are_________ for current products
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19.
five most important variables that shift market supply
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20.
shifting the curve caused by
A.
Consumer surplus
B.
Inferior goods
C.
• Prices of inputs • Technological change • Prices of substitutes in production • Number of firms in the market • Expected future prices
D.
other changes
E.
Complements
F.
decreases demand
G.
do not change, taking on much of the burden of the tax.
H.
deadweight loss
I.
Demand Schedule
J.
The law of supply
K.
decrease in supply
L.
market equilibrium
M.
Substitutes
N.
substitutes
O.
supply, demand
P.
Ceteris paribus (“all else equal”) condition
Q.
Normal goods
R.
Demand Curve
S.
Supply Schedule
T.
decrease in demand
Type the Term that corresponds to the displayed Definition.
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21.
The law of supply A shift to the right is
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22.
A decrease in the price of an input increases the profitability of selling the good, causing an _______ ___ ________
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23.
a market in which buying and selling take place at prices that violate government price regulations.
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24.
are things used in the production of a good or service.
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25.
Increase in income increases demand if product is normal, decreases demand if product is inferior.
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26.
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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27.
The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.
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28.
A legally determined minimum price that sellers may receive.
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29.
movement along the curve caused by
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30.
A curve that shows the relationship between the price of a product and the quantity of the product supplied.

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