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Test 1 Review

Quiz by Rachel Murat

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15 questions
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  • Q1
    consumer tastes, expectations, substitutes and income
    Things that can change demand
    30s
  • Q2
    resources needed to produce a good or service
    input costs
    30s
  • Q3
    ability, willingness and desire to purchase a product at a given price
    demand
    30s
  • Q4
    price goes up, demand goes down
    the law of demand
    30s
  • Q5
    price goes up, supply goes up
    the law of supply
    30s
  • Q6
    a shift to the right
    increase in demand OR an increase in supply will cause
    30s
  • Q7
    a shift to the left
    decrease in demand OR an decrease in supply will cause
    30s
  • Q8
    a decrease in supply and a shift to the left of the supply curves
    input costs go up, increase in taxes, have to pay for new government regulation mandates will cause
    30s
  • Q9
    where supply and demand meet
    equilibrium
    30s
  • Q10
    producers are willing and able to provide the product(s)
    supply
    30s
  • Q11
    maximum you can charge for something; result in shortages
    price ceiling
    30s
  • Q12
    example of price ceiling
    rent control
    30s
  • Q13
    example of price floor
    minimum wage
    30s
  • Q14
    goods that are used in place of one another
    substitutes
    30s
  • Q15
    goods used together
    complements
    30s

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