Economics Final

What is it called when Consumers and Producers agree on a market price?

• Equilibrium

• Supply

• Demand

• Surplus

​ ​ (a)   is the amount of a good being produced.

• Supply
• Demand
• Equilibrium

The amount of money people are willing to pay for a product is called ______

What does it mean if there is a shortage.

• Supply and demand are equal

• Supply is higher than demand

• Demand is higher than supply

• None are correct

What does it mean if there is a Surplus

• Demand is higher than supply

• Supply is higher than demand

• Supply and demand are equal

• None are correct.

What is an incentive?

• A threat

• When supply and demand are equal

• A form of anti union behavior put out by big corperations

• something that encourages a person or organization to do or achieve something

What is Marginal cost?

• Free lunches

• What you give up whenever you make a decision

• Stock prices

• Union fees

What is an example of an incentive?

Label the following parts of this graph: Supply curve, Demand curve , Equilibrium price.

These organizations tried to improve working conditions for workers-

• Political Bosses

• Labor Unions

• Political Machines

• Big Businesses