Microeconomics Review

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

Back

increase; substitutes

Front

Printers and ink cartridges are typically purchased together. Economists would call these

Back

Complements

Front

What is a factor that will NOT cause the demand curve to shift? Options: Tastes and Preferences, Number of Consumers, Price, Consumer expectations

Back

Price

Front

If a consumer knows that a product will be going on sale next week, how will his/her CURRENT demand be affected?

Back

it will decrease

Front

In a market economy, who decides on the prices of goods and services?

Back

buyers and sellers

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

If a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.

Back

supply.......right