Microeconomics Review 2023

Demand is defined as the different quantities of a resource, good, or service that consumers are _____________ and _____________ to buy at various prices during a specific time period.

• forced, made

• required, forced

• willing and able

• willing and unable

When the price of an Eagles jersey is $100, the quantity demanded of Eagles jerseys is:

• 5,000

• 4,000

• 3,000

• 2,000

As the price of a jersey _____________, the quantity demanded of jerseys___________.

• increases, increases

• decreases, increases

• decreases, decreases

• decreases, stays the same.

The law of demand states that when the price of a good increases, the quantity of that good that people are willing and able to buy...(increases or decreases)

Messi joins the Inter Miami soccer team and begins sporting their gear everywhere he goes. What is the effect of this new fad on the demand for Inter Miami soccer jerseys?

• There is an increase in the supply of Inter Miami jerseys.

• There is no change in the demand for Inter Miami jerseys.

• There is an increase in the demand for Inter Miami jerseys.

• There is a decrease in the demand for Inter Miami jerseys.

Match the following type of resource to its definition.

• Goods used up to make other goods

• Natural resources

• People who do mental or physical work

• Capital resources

• occur naturally in and on earth

• Intermediate goods

• Goods made by people to produce goods

• Human resources

Cost of production is...

• The amount producers pay for a good or service

• The amount consumers pay for a good or service

• The amount producers pay for the productive resources and intermediate goods used to produce the product.

• The amount consumers pay for the productive resources and intermediate goods used to produce the product.

The price of coffee beans used to make coffee increases. What effect does this change in the cost of production have on the supply of coffee?

• There is an increase in the demand for coffee.

• There is an increase in the supply of coffee.

• There is a decrease in the supply of coffee.

• There is no change in the supply of coffee.

Competition takes place when there are many buyers and sellers of a product.

• True

• False

What are examples of "non-price" competition?