
AP Micro Unit 2
Flashcard
•
History
•
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
Producers offer more of a good or service as its prices increases and less as its price falls.
Back
Law of Supply
3.
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
4.
FLASHCARD QUESTION
Front
A minimum price consumers are required to pay for a good or service.
Back
Price Floor
5.
FLASHCARD QUESTION
Front
A maximum price consumers are required to pay for a good or service.
Back
Price Ceiling
6.
FLASHCARD QUESTION
Front
If hot dogs are an inferior good, an increase in income will result in:
Back
a decrease in the demand for hot dogs
7.
FLASHCARD QUESTION
Front
If the price of coal increases and the quantity sold increases, which of the following is consistent with these observations?
- The price of oil, a substitute for coal, increased
- A wage increase was given to coal miners
- New machinery made coal mining more efficient
- Consumers' incomes fell
- The demand curve is inelastic
Back
The price of oil, a substitute for coal, increased
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