A.P. Microeconomics

A.P. Microeconomics

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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54 questions

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1.

FLASHCARD QUESTION

Front

What is market?

Back

A group of buyers and sellers of a particular good and service

2.

FLASHCARD QUESTION

Front

What is competitive market?

Back

Market in which there are many buyers and sellers; negligible impact on market price; price and quantity are determined by all buyers and sellers.

3.

FLASHCARD QUESTION

Front

Quantity Demanded is...

Back

An amount of a good that buyers are willing to and able to purchase

4.

FLASHCARD QUESTION

Front

What are the variables of the demand curve?

Back

Tastes, Expectations

5.

FLASHCARD QUESTION

Front

What will happen to the price & quantity of pizzas if a new study shows pizza is the ultimate health food?

Back

Price-Increase & Quantity-Increase

6.

FLASHCARD QUESTION

Front

A listing of the specific quantities that would be purchased at various prices is known as....

Back

Demand Schedule

7.

FLASHCARD QUESTION

Front

On the market demand and supply graph, the vertical axis shows __________________.

Back

prices.

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