ECON 101 FINAL REVIEWED
QUESTIONS AND ANSWERS
supply and demand model - CORRECT ANSWER-a model of
how a competitive market works
competitive market - CORRECT ANSWER-a market in which
there are many buyers and sellers of the same god or service,
none of whom can influence the price at whic...
supply and demand model - CORRECT ANSWER-a model of
how a competitive market works
competitive market - CORRECT ANSWER-a market in which
there are many buyers and sellers of the same god or service,
none of whom can influence the price at which the good or
service is sold
demand schedule - CORRECT ANSWER-shows how much of
a good or service consumers will want to buy at different prices
quantity demanded - CORRECT ANSWER-the amount of a
good or service that a consumer is willing and able to purchase
at a given price
demand curve - CORRECT ANSWER-a graph of the
relationship between the price of a good and the quantity
demanded
law of demand - CORRECT ANSWER-consumers buy more of
a good when its price decreases and less when its price
increases
,shift of the demand curve - CORRECT ANSWER-a change in
the quantity demanded at any given price, represented by the
change of the original demand curve to a new position, denoted
by a new demand curve
movements along the demand curve - CORRECT ANSWER-a
change in the quantity demanded of a good that is the result of
a change in that good's price
substitutes - CORRECT ANSWER-two goods are substitutes if
a rise in the price of one of the goods leads to an increase in
the demand for the other good
complements - CORRECT ANSWER-two goods are
complements if a rise in the price of one good leads to a
decrease in the demand for the other good
normal goods - CORRECT ANSWER-when a rise in income
increases the demand for a good (the normal case) t is a
normal good
inferior good - CORRECT ANSWER-when a rise in income
decreases the demand for a good, it is an inferior good
individual demand curve - CORRECT ANSWER-illustrates the
relationship between quantity demanded and price for an
individual consumer
quantity supplied - CORRECT ANSWER-the actual amount of
a good or service producers are willing to sell at some specific
price
supply schedule - CORRECT ANSWER-shows how much of a
good or service producers will supply at different prices
supply curve - CORRECT ANSWER-shows the relationship
between quantity supplied and price
, shift of the supply curve - CORRECT ANSWER-is a change in
the quantity supplied of a good or service at any given price. it
is represented by the change of the original supply curve to a
new position, denoted by a new supply curve
movement along the supply curve - CORRECT ANSWER-a
change in the quantity supplied of a good that is the result of a
change in that good's price
input - CORRECT ANSWER-a good or service that is used to
produce another good or service
individual supply curve - CORRECT ANSWER-illustrates the
relationship between quantity supplied and price for an
individual producer
price of an input used to produce A rises means that... -
CORRECT ANSWER-supply of A decreases
price of an input used to produce A falls means that... -
CORRECT ANSWER-supply of A increases
If A and B are substitutes in production and the price of B
rises... - CORRECT ANSWER-supply of A decreases
If A and B are substitutes in production and the price of B falls...
- CORRECT ANSWER-supply of A increases
If A and B are complements in production and the price of B
rises... - CORRECT ANSWER-supply of A increases
If A and B are complements in production and the price of B
falls... - CORRECT ANSWER-supply of A decreases
if the technology used to produce A improves... - CORRECT
ANSWER-supply of A increases
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