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A 5 percent rise in the price of plums results in a 5 percent decrease in the quantity of plums demanded
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Elasticity is the percentage change in quantity divided by the percentage change in _______.
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Price
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A change in _____ does not shift the demand curve.
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Opportunity costs
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Firms ________ in output markets and ________ in input markets.
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Supply; demand
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Which of the following is an accurate statement?
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Surpluses cause producers to cut prices.
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Which of the following is an accurate statement about equilibrium quantity?
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The quantity demanded is exactly equal to the quantity supplied.
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Which of the following pairs are substitutes?
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Coffee and tea
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The price of inputs increases significantly. Which of the following SPENT factors does this relate to?
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S
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A shift of an entire supply curve either right or left is called a(n) ______.
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Change in supply
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______ prices for a good or service provide incentives for producers to make or sell more of it.
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Higher
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Which of the following would show the amount of canned tuna that all canneries in Asia are willing to produce at various prices?
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Market supply curve
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How does income relate to inferior goods?
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A decline in income can often increase demand for inferior goods.
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In the acronym PYNTE, the letter “P” stands for which of the following?
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Changes in price of related goods and services
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Which of the following will cause a rightward shift of the demand curve for the listed product?
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Increased demand for apple juice
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Other things held equal, ______ usually leads to a leftward shift of the demand curve.
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Declining income
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A market demand curve would show the quantities of coffee demanded by ______.
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All buyers in a market
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“The law of demand is the law stating that the quantity of a good or service demanded varies inversely (negatively) with its price.” What is wrong with this definition?
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It should include ceteris paribus at the end.
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What causes a stock to rise?
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When people expect a company to do well in the future
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Which of the following is an accurate statement about the market?
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It involves many buyers and sellers.
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Surplus is a situation where quantity ______ exceeds quantity _____
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Supplied,demanded
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Goods for which an increase in the price of one good causes an increase in the demand for the other good is called
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Substitutes
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Shortage us A situation where quantity demanded exceeds quantity____
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Supplied
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Shifts in the demand curve A change in one of the variables, other than the ____ of the good itself.
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Price
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In Case of Normal Goods IF Income Increases the _______ for a Good Increases
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Demand
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Market supply curve is The ______ summation of the supply curves of producers
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Horizontal
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The point at which the market supply and market demand curves intersect is called
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Market equilibrium
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Market demand curve is The ______ summation of individual demand curves
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Horizontal
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_____ is The process of buyers and sellers exchanging goods and services
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Market
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The law stating that the higher the price of the good, the greater the quantity supplied is known as
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Law of supply
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The law stating that the quantity of a good or service demanded varies inversely with its price is called
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Law of Demand
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In case of _____ goods If income increases, the demand for a good decreases
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Inferior goods
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A graphical representation that shows the positive relationship between price and quantity supplied is called
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Individual supply curve
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A schedule that shows the relationship between price and quantity demanded is called
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Individual Demand schedule
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A graphical representation that shows the inverse relationship between price and quantity demanded is called
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Correct Answer:
Individual Demand curve
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Equilibrium quantity is The quantity at the _____of the market supply and demand curves
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Correct Answer:
Intersection
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Equilibrium Price is The price at the _____of the market supply and demand curves
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Correct Answer:
Intersection
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Goods for which an increase in the price of one good leads to a decrease in the demand for the other good
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Complements
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_______ is where the many buyers and sellers have little market power
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Competitive market
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A change in a good’s own price leads to a change in quantity demanded
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Correct Answer:
True
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