Economics Micro & Macro (CliffsAP)
In which of the following economies does the government decide how to use the factors of production? A. Market economy B. Tradi ...
C.A change in technology can make a country’s allocation of resources more efficient. When it becomes easier or less costly, o ...
...
Supply and Demand In a market system, the three economic questions what, how, and for whom to produce are answered by the forces ...
Part I: The Fundamentals Constructing a Demand Curve A demand curve is a graphic representation of a demand schedule. In economi ...
The income effect changes demand by allowing consumers to purchase goods they wouldn’t normally purchase due to a lack of afford ...
What would happen to the demand curve for cars if the price of gasoline tripled? A. It would shift to the right because of inco ...
Figure 2-4 The Six Determinants of Supply The following six factors shift the supply curve (in other words, change supply) eithe ...
Government Any change in taxes or subsidies can make it easier or more difficult for producers to make their product. If a firm ...
When a producer finds itself in disequilibrium, it has two choices: either adjust the price to meet demand, or adjust output to ...
■ When the demand curve shifts to the right and the supply curve stays constant, there is an increase in price and an increase i ...
Illustrations of Shifts in Supply and Demand You’ll notice that a properly illustrated shift in supply is shown with correctly l ...
Figure 2-9 (continued) Each graph represents a headline that has something to do with the market demand for hot dogs: ■ Graph A: ...
Figure 2-10 We have just finished looking at supply and demand separately; next let’s examine what happens to price and quantity ...
Demand Supply Quantity Price Decrease Decrease Indeterminate Decrease Decrease Increase Decrease Indeterminate Increase Decrease ...
product to product because people take different variables into consideration when purchasing a good. Firms value elasticity bec ...
The main determinant of the price elasticity of supply is the amount of time a producer has to respond to its price change. If a ...
A Graphical Analysis of Elasticity When a demand curve is perfectly vertical, the demand for that good is inelastic. If the dema ...
A tornado hits Kansas and wipes out Lauren’s tomato crop. What effect will this have on the Kansas tomato market? A. Market pri ...
What impact will a future sale on computers have on the demand for computers today? A. Shifts the supply curve to the left B. ...
«
1
2
3
4
5
6
7
8
9
10
»
Free download pdf