econ shmeecon

Is demand focused on producers or consumers?

• Producers

• Consumers

Does demand have a direct or indirect relationship?

• Indirect: price goes down, quantity demanded goes up

• Direct: price goes up, quantity demanded goes up

Is demand downward or upward sloping?

• Downward

• Upward

Does supply focus on the producers or consumers?

• Consumers

• Producers

Is supply downward or upward sloping?

• Downward

• Upward

What is the unit elastic coefficient?

• Above 1

• Equal to 1

• Below 1

What is the coefficient if a good is elastic?

• Greater than 1

• Equal to 1

• Less than 1

What is the coefficient if a good is inelastic?

• Greater than 1

• Equal to 1

• Less than 1

What is the price floor?

• The lowest that can be charged for a good or service

• The highest that can be charged for a good or service

• Not enough of a good

• An excess of a good

What is the price ceiling?

• The lowest price that can be paid for a good/service

• The highest price that can be paid for a good/service