MIcroeconomics Test Review

Front

What is the name of the point at which demand and supply intersect?

Back

Equilibrium

Front

To calculate profit, producers subtract their total production cost from their?

Back

Total Revenue

Front

When an oligopoly exists, how many producers dominate the market?

Back

A Few

Front

Which of these best describes an opportunity cost? A Win-Win, A Loss, A Chance, A Tradeoff

Back

A Tradeoff

Front

Which of these best describes an opportunity cost? A Win-Win, A Loss, A Chance, A Tradeoff

Back

A Tradeoff

Front

The amount of goods and services consumers want is called the?

Back

Demand

Front

How do changing prices affect supply and demand?

Back

As price decreases, supply decreases, but demand increases.

Front

According to the law of supply, price and quantity move

Back

Along a track in the same direction.

Front

According to the law of demand, price and quantity move

Back

Along a track in different directions.

Front

What is a reward or punishment that encourage people to do or not to do certain things?

Back

Incentives