AP Microeconomics Review Units 1 - 3
Flashcard
•
Social Studies
•
10th - 12th Grade
•
Practice Problem
•
Hard
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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
complements
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