AP Microeconomics Review Units 1 - 3

AP Microeconomics Review Units 1 - 3

Assessment

Flashcard

•

Social Studies

•

10th - 12th Grade

•

Practice Problem

•

Hard

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36 questions

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1.

FLASHCARD QUESTION

Front

Consumers will buy more of a good when its price is lower and less when its price is higher.

Back

Law of Demand

2.

FLASHCARD QUESTION

Front

The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.

Back

Equilibrium

3.

FLASHCARD QUESTION

Front

A minimum price consumers are required to pay for a good or service.

Back

Price Floor

4.

FLASHCARD QUESTION

Front

A maximum price consumers are required to pay for a good or service.

Back

Price Ceiling

5.

FLASHCARD QUESTION

Front

A market in which a single seller dominates.

Back

Monopoly

6.

FLASHCARD QUESTION

Front

A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices.

Back

Perfect Competition

7.

FLASHCARD QUESTION

Front

An increase in the price of milk causes a decrease in the demand for cereal. The two products are

Back

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