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ENCONOMICS UNIT 2 TEST REVIEW (10/16/2024)

Last updated about 1 year ago
26 questions
1

The MOVEMENT along the DEMAND CURVE showing that a different quantity is purchased in response to a CHANGE IN PRICE.

1

The DIFFERENT AMOUNTS of a PRODUCT ARE DEMANDEDat every price, causing the demand curve to SHIFT to the LEFT to RIGHT.

1

Products that INCREASE the use of OTHER PRODUCTS; products related in such a way that an INCREASE in the PRICES OF ONE DEMAND GOES for both

1

Change in the amount offered for sale in response to a price change; movement along the supply curve

1

A graph showing the quantity demanded at each and every possible price that might prevail in the market at a given tim

1

A listing showing the quantity demanded at all possible prices that might prevail in the market at a given time

1

The combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment

1

The different amounts offered for sale at each and every possible price in the market; shift of the supply curve

1

Price when quantity supplied equals quantity demanded; price that clears the market

1

Type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied)

1

The quantity of output supplied that is equal to the quantity demanded at the equilibrium price

1

A measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable, such as price

1

Case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)

1

Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded

1

The principle that more will be offered for sale at higher prices than at lower prices

1

Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms

1

Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded

1

The highest legal price that can be charged for a product

1

The lowest legal price that can be paid in markets for goods and services, labor, or financial capital

1

The amount offered for sale at a given price; point on the supply curve

1

Competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other

1

Amount of a product offered for sale at all possible prices in a market at a given point in tim

1

A
graph that shows the quantities supplied at each and every possible price in the market

1

SiSuation where quantity supplied is greater than quantity demanded at a given price.

Required
1

Situation where quantity supplied is less than quantity demanded at a given price

1

Who is your Special Education teacher this hour?