Unit 3 Test Econ Flashcards

Front

What is the law of demand?

Back

As price increases, demand decreases

Front

Price equilibrium

Back

The price at which quantity supplied equals quantity demanded

Front

Which of the following is NOT a factor of production? Land, Labor, Money, Capital

Back

Money

Front

Which type of market is characterized by a single seller?

Back

Monopoly

Front

What is the main purpose of government economic regulations?

Back

To influence or control economic activity for the public good

Front

If the supply of a product increases while demand remains the same, what is likely to happen to the equilibrium price?

Back

It will decrease

Front

Example of a government regulation in the economy:

Back

Setting minimum wage laws

Front

A bakery increases its production costs due to higher flour prices. What is the most likely effect on the supply curve for bread?

Back

The supply curve shifts to the left

Front

Which market structure is characterized by many sellers offering similar but not identical products?

Back

Monopolistic competition

Front

If a government sets a price ceiling below the equilibrium price, what is the most likely result?

Back

Shortage