econ exam 7

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  1. The Law of Demand states that as the price of a good  increases, ceteris paribus , the ___ decreases. This can be shown graphically with ____ demand curve or numerically in a table using a ____.
    quantity demanded, a downward-sloping, demand schedule
  2. The relationship that exists between these two variables can be described as
    negatively related
  3. Which of the following is not one of the five major factors that shifts the demand curve when it  changes?
    The price of the good itself
  4. When one of the five major factors​ changes, causing an increase in​ demand, the demand curve shifts
    rightward
  5. The Law of Supply states that as the price of a good  increases, ceteris paribus , the ____ of that good increases.
    quantity supplied
  6. The​ firm's supply curve represents​ ___________.
    the minimum price the seller is willing to accept to sell an extra unit of a good.
  7. - In the context of the  firm's supply  curve, as the firm produces more of a  good, the cost of producing each additional unit ____.
    • -  This implies that the marginal cost of producing a good___ as it makes more of that good.
    • increase , increase
  8. Which of the following is not one of the four major factors that shifts the supply curve when it  changes?
    The income consumers

Card Set Information

Author:
dwrght16
ID:
328354
Filename:
econ exam 7
Updated:
2017-02-12 03:47:48
Tags:
econ
Folders:
econ
Description:
exam 1
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