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Terms in this set (30)
The desire, ability, and willingness to buy a product is what?
True or False, Microeconomics is the area of economics that deals with behavior and decision making by small units, such as individuals and firms
Law of Demand
What states that the quantity demanded of a good or service varies inversely with its price?
Market Demand Curve
4. The demand curve that shows the quantities demanded by everyone who is interested in purchasing the product is?
Diminishing Marginal Utility
5. What states that the extra satisfaction we get from using additional quantities of the product begins to diminish?
Change in Quantity Demanded
6. A movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price is?
7. What is the change in quantity demanded, because of a change in price that alters consumers' real income?
8. The change in quantity demanded because of the change in the relative price of the product is?
Number of Consumers
9. Demand can change because of changes is income, tastes, the price of related goods, and expectations. Which change is missing?
10. A measure of responsiveness that tells us how a dependent variable such as quantity responds too a change in the independent variable such as price is what?
11. What is the extent to which a change in price causes a change in the quantity demanded?
12. True or false. Elastic is when a given change in price causes a relatively larger change in quantity demanded.
13. What is defined as the amount of a product that would be offered for sale at all possible prices that could prevail in the market?
Law of Supply
14. The principle that suppliers will normally offer more for sale at high prices and less at lower prices is what?
Individual and Market
15. What are the two types of supply curves?
16. A graph showing the various quantities supplied at each and every price that might prevail in the market is what?
Market Supply Curve
17. The supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market is what?
It is the amount that producers bring to the market at any given price.
18. What is the definition of quantity supplied?
Change in quantity supplied
19. What is the change in amount offered for sale in response to a change in price?
20. True or false. The change in quantity supplied cannot be more or less of a product is offered.
Change in Supply
21. A situation where suppliers offer different amounts of products for sale at all possible prices in the market is what?
22. Supply can change because of changes in cost of inputs, productivity, technology, taxes and subsidies, number of sellers, and expectations. What is missing?
23. What is a measure of the way in which quantity supplied responds to a change in price?
Elastic Supply, Inelastic Supply, and Unit Elastic Supply
24. What are the three types of supply elasticity's?
25. What is a period of production long enough for producers to adjust the quantities for all their resources, including capital?
The relationship between factors of productions and the output of goods and services.
26. What relationship does the Theory of Production deal with?
27. A period of productions that allows producers to change only the amount of the variable input called labor is what?
Unprocessed natural products used in production.
28. What are raw materials?
Total output produced by the firm.
29. Total products are known as what?
30. True or False. As more workers are added the total product rises.
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