Microeconomics Vocabulary Quiz

Q1: The study of how households and firms make decisions and how they interact in markets

• Microeconomics

• Macroeconomics

Q4: A visual model of the economy that shows how dollars flow through markets among households and firms.

• Economic Interdependence

• Circular Flow Diagram

• Product Market

• Factor (Resource) Market

Q7: Producers offer more of a good as its price increases and less as its price falls.

• Law of Supply

• Law of Demand

Q8: Consumers buy more of a good when its price decreases and less when its price increases.

• Law of Supply

• Law of Demand

Q9: The amount of a good that sellers are willing and able to sell.

• Quantity Supplied

• Quantity Demanded

Q10: The amount of a good that buyers are willing and able to purchase.

• Quantity Supplied

• Quantity Demanded

Q13: The price at which the quantity demanded equals the quantity supplied.

• Equilibrium Price

• Price Floor

• Price Ceiling

• Surplus

• Shortage

Q14: A legal minimum on the price at which a good can be sold.

• Equilibrium Price

• Price Floor

• Price Ceiling

• Surplus

• Shortage

Q15: A situation in which quantity supplied is greater than quantity demanded.

• Equilibrium Price

• Price Floor

• Price Ceiling

• Surplus

• Shortage

Q16: A legal maximum on the price at which a good can be sold.

• Equilibrium Price

• Price Floor

• Price Ceiling

• Surplus

• Shortage