ECON DEV 1

What is the slope of a supply curve?

• downward sloping

• upward sloping

A point where quantity demanded equals quantity supplied.

(a)  

What type of resources does labor belong?

(a)  

What is the slope of a demand curve?

• downward sloping

• upward sloping

In this type of economy, the choices of distribution as well as production are based primarily on prices.

(a)  

A higher price is associated with a lower quantity demanded, whereas a lower price is associated with a larger quantity demanded.

• law of demand

• law of supply

The best alternative that is forgone to produce or consume something else

(a)  

The price and quantity demanded are negatively related, all other things equal (ceteris paribus).

• law of demand

• law of supply

Price and quantity supplied are positively related, all other things equal.

• law of demand

• law of supply

All of the Factors Caused Real-World Demand Curves to Shift, except for 2 factors. Which 2 factors?

• Changes in the number of consumers who wish to purchase the product

• Changes in the tastes of the consumers in the market

• Changes in the technology used to produce the product

• Changes in the prices of complements or substitutes

• Changes in seller’s expectations about the product’s future price