|
In understanding and analyzing "demand," we focus on how much of a product the buyers are: |
Willing and able to buy |
|
An "increase in the quantity supplied" suggests a: |
Movement up along the supply curve |
|
Refer to the figure above, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from S1 to S2? |
The development of a more effective insecticide against corn rootworm |
|
When economists describe "a market," they mean: |
A system that allows buyers and sellers to interact with one another |
|
The horizontal axis of a graph that shows a market demand curve indicates the: |
Quantities which consumers will be willing and able to buy at various prices |
|
There is a shortage in a market for a product when: |
Quantity demanded is greater than quantity supplied |
|
In order to derive a market demand curve from individuals’ demand curves, we add up the: |
Various individuals’ quantities demanded at each price level |
|
When economists speak of "demand" in a particular market, they refer to: |
The whole demand curve or schedule |
|
Which of the following is an example of a price ceiling? |
Limits on interest rates charged by credit card companies |
|
Refer to the diagram above, which shows three supply curves for corn. A movement from point a to point b is caused by a change in the: |
Price of corn in the market |
Share This
Flashcard
