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- 1. Multiple Choice
Producers of goods and services give this out to see if they can find a trend with buyers.
Public Opinion Polls
Pens
Capital
- 2. Multiple Choice
This occurs when people who are not part of a marketplace interact, benefit from it, (like street lighting) yet only pay a part of the cost.
Market Failure
Market Sale
Market Sale
- 3. Multiple Choice
A positive one (a neighbor's rose garden) benefits and a negative one imposes cost (pollution) on people who were not involved in the original economic activity.
Option
Charge
Externality
- 4. Multiple Choice
When prices go down, quantity of demand goes up.
Law of Supply
Law of Need
Law of Capital
Law of Demand
- 5. Multiple Choice
A list of how much of an item consumers are willing to purchase at each price.
Market Demand Schedule
Demand Curve
Market Demand Curve
- 6. Multiple Choice
Graphically shows the data from a Demand Schedule.
Market Demand Curve
Demand Schedule
Demand Curve
- 7. Multiple Choice
Items that consumers will buy instead because one interchangeable item (colas - Pepsi or Coke) becomes less expensive.
Superior Goods
Complements
Substitutes
- 8. Multiple Choice
Goods that are used together (DVDs and DVD players), so a rise in demand for one increases the demand for the other.
Superior Goods
Complements
Inferior Goods
- 9. Multiple Choice
Demand is inelastic when...
quantity demanded changes significantly as price changes.
quantity demanded changes little as price changes.
quantity is discontinued.
- 10. Multiple Choice
This is the formula for the Total Revenue Test
(100 Hot Dogs sold at $2.50 = $250
150 Hot Dogs sold at $2.00 = $300 = Elastic;
200 Hot Dogs sold at $1.00 = 200 = Inelastic).
Length x Height
Miles x Speed
Price x Quantity
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