Micro

Front

What happens to the quantity demanded when the price of a good increases, assuming all other factors remain constant?

Back

It decreases

Front

Which of the following is an example of a price floor? Rent control, Minimum wage, Tax on luxury goods, Subsidies

Back

Minimum wage

Front

What is the main characteristic of a perfectly competitive market?

Back

Many buyers and sellers

Front

In the circular flow model, what do households provide to firms?

Back

Factors of production

Front

What is the effect of a price ceiling set below the equilibrium price?

Back

Shortage

Front

Which type of business structure is owned and operated by a single individual?

Back

Sole proprietorship

Front

In the circular flow model, what do firms provide to households?

Back

Goods and services

Front

Which of the following could cause a shift in the supply curve for a good? A change in consumer tastes, A change in the price of a related good, A change in production technology, A change in the number of consumers

Back

A change in production technology

Front

Which market structure features a single seller with no close substitutes for the product?

Back

Monopoly

Front

What is the result of a subsidy given to producers?

Back

Increase in supply