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Q 1/19
Score 0
when quantity demanded equals quantity supplied
30
Equilibrium
Q 2/19
Score 0
When price of a good goes up, quantity demanded goes down
30
Law of Demand
19 questions
Q.
when quantity demanded equals quantity supplied
1
30 sec
Q.
When price of a good goes up, quantity demanded goes down
2
30 sec
Q.
When price of a good goes up, quantity supplied goes up
3
30 sec
Q.
When the government puts a minimum price on a good (example--minimum wage)
4
30 sec
Q.
When the government puts a maximum price on a good (example--rent control)
5
30 sec
Q.
One firms hold all of the pricing power
6
30 sec
Q.
Not enough supply
7
30 sec
Q.
Example of price ceiling
8
30 sec
Q.
Excess supply
9
30 sec
Q.
Only distributing a fixed amount in order to ensure that others have access to basic goods
10
30 sec
Q.
Example of price floor
11
30 sec
Q.
How your change of occupation or salary impacts what you buy
12
30 sec
Q.
Goods that are seen as less valuable after your income has changed
13
30 sec
Q.
Companies have no control over price. They are price-takers
14
30 sec
Q.
(# of goods) multiplied by (price of the good)
15
30 sec
Q.
Total Revenue
16
30 sec
Q.
A good that usually has substitutes and is vulnerable to price changes
17
30 sec
Q.
A good that is "irreplaceable" or is not easily impacted by price changes.
18
30 sec
Q.
When alternative or substitute products are available. For example, the price of Pepsi goes up. With the substitution effect, this price change of Pepsi has forced you to start buying Coca Cola.
