What is a. market demand schedule

What shwos the quantities of products demanded at each market price by all consumers in the market? a. market demand schedule b. schedule of consumer prices c. market pricing list d. elasticity and consumption list

What is b. store the goods until the price rises

What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future? a. store the goods indefinitely b. store the goods until the price rises c. sell the goods now but try to get the higher price for them. d. sell the goods now and try to invest the money instead of resupplying

What is equilibrium

When buyers are willing to purchase exactly the same amount as sellers are willing to sell

What is elastic

A good that is very sensitive to a change in price is considered this.

What is c. He moves from the desert to a rainy city by the ocean

Which of these events could permanently shift a individual's demand curve for umbrellas to the right? a. The price of umbrellas decreases significantly as inexpensive umbrellas are imported from china. b. He buys a car so he no longer has to walk and wait for the bus stop every morning to get to work. c. He moves from the desert to a rainy city by the ocean d. weather forecasters predict that a major hurrican will hit the city he lives in.

What is to the right

If supply increases due to something other than price, the supply curve will shift this direction

What is Price x Quantity which equals the amount a company receives for selling its goods

What is total revenue?

What is inelastic

A good that is NOT very sensitive to a change in price is considered this.

What are consumer tastes and preferences

"Cell phones cause brain cancer!" This determinant of demand would cause demand to change in this scenario

What is d. computer printers

Which of the following is an example of a goof whose price goes down because of improvements in technology?a. typewriters b. hard-bound books c. running shoes d. computer printers

What is excess demand

This happens when demand exceeds the amount supplied at a certain price. (hint: two words)

What is a. toothbrush

Which of the following is an example of a good with an inelastic supply? a. toothbrush b. hats c. apples d. beanbags

What is shift to the right

If there is an increase in demand, due to something other than price, it would cause the demand curve to do this.

What is decrease and government tools OR cost of resources.

If a tomato farmer is required to pay more money for water rights, what will happen the the supply of tomatoes? And which determinant is responsible for this?

What is excess supply

This occurs when supply exceeds the amount demanded at a certain price

What is b. elasticity of demand

What determines how a change in prices will affect total revenue for a company? a. values of elasiticty b. elasticity of demand c. the company's pricing policy d. consumers' income

What is d. the interaction between supply and demand

What determines the price and the quantity produced of most goods? a. the availability of substitutes for the goods b. the consumer's perception of necessity c. the quality of the good that are produced d. the interaction between supply and demand

What is competition

When supply is affected because more business begin to produce the same product, we call this...

What is d. both b and c

What are inferior goods? a. goods no one wants b. goods for which the demand falls when income rises c. goods for which the deman rises with income falls d. both b and c

What is b. the percentage change in quantity demanded is exactly equal to the percentage change in price

What does unitary elastic mean? a. elasticity of demand is different at each unit of the price range b. the percentage change in quantity demanded is exactly equal to the percentage change in price c. the elasticity of demand is mathematically determined d. the demand is inelastic at a low price but becomes elastic as the price rises.