Microeconomics 2

Front

According to the law of supply, Price and quantity have which relationship?

Back

Positive

Front

According to the law of supply, the points on the curve are known as

Back

Quantity Supplied

Front

According to the law of supply, if the price of a good increases from $15 to $30, what would happen to the quantity supplied of that item?

Back

The quantity supplied would increase

Front

What causes a business to make a change in the quantity supplied of an item?

Back

changes in price

Front

According to the chart, what do household exchange in the Product market for finished products?

Back

Consumption Expenditures

Front

According to the chart above, what do businesses receive from the factor market?

Back

Factors of Production

Front

According to the chart, what do businesses do with the productive resources they purchase?

Back

make finished goods and services and sell them in the product market

Front

According to the chart, who makes income?

Back

Households

Front

According to the chart, how do households and businesses interact in the factor market?

Back

Households sell productive resources to businesses in exchange for income.

Front

According to the chart above, how do businesses and households interact in the product market?

Back

Households purchase finished goods and services from the business for money that becomes is revenue for the businesses.