Microeconomics Flashcard-1

Microeconomics Flashcard-1

Assessment

Flashcard

Social Studies

University

Practice Problem

Hard

Created by

Wayground Content

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10 questions

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1.

FLASHCARD QUESTION

Front

What is market equilibrium?

Back

When quantity supplied equals quantity demanded

2.

FLASHCARD QUESTION

Front

What is the effect of a subsidy?

Back

Lowers prices for consumers

3.

FLASHCARD QUESTION

Front

What does market elasticity measure?

Back

The responsiveness of quantity demanded or supplied to changes

4.

FLASHCARD QUESTION

Front

What is the impact of taxes on supply?

Back

Shifts the supply curve upward

5.

FLASHCARD QUESTION

Front

What is the role of government in market control?

Back

To correct market failures and achieve social objectives

6.

FLASHCARD QUESTION

Front

What is the effect of consumer expectations on demand?

Back

They can increase or decrease current demand

7.

FLASHCARD QUESTION

Front

What is the impact of a surplus in the market?

Back

Prices will decrease

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