Test 1 Review
Quiz by Rachel Murat
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15 questions
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- Q1consumer tastes, expectations, substitutes and incomeThings that can change demand30s
- Q2resources needed to produce a good or serviceinput costs30s
- Q3ability, willingness and desire to purchase a product at a given pricedemand30s
- Q4price goes up, demand goes downthe law of demand30s
- Q5price goes up, supply goes upthe law of supply30s
- Q6a shift to the rightincrease in demand OR an increase in supply will cause30s
- Q7a shift to the leftdecrease in demand OR an decrease in supply will cause30s
- Q8a decrease in supply and a shift to the left of the supply curvesinput costs go up, increase in taxes, have to pay for new government regulation mandates will cause30s
- Q9where supply and demand meetequilibrium30s
- Q10producers are willing and able to provide the product(s)supply30s
- Q11maximum you can charge for something; result in shortagesprice ceiling30s
- Q12example of price ceilingrent control30s
- Q13example of price floorminimum wage30s
- Q14goods that are used in place of one anothersubstitutes30s
- Q15goods used togethercomplements30s