Unit 3 Review Game: Question Preview (ID: 17096)


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Demand
a) A Latin phrase that means all other things held constant b) The desire to own something and the ability to pay for it c) The total amount of money a firm receives by selling goods or services d) Goods used in place of one another
Law of Demand
a) the change in consumption resulting from a change in real income b) Two goods that are bought and used together c) consumers buy more of a good when its price decreases and less when its price increases d) system of allocating scarce goods and services using criteria other than price
Substitution Effect
a) when consumers react to an increase in a good's price by consuming less of that good and more of other goods b) when quantity demanded is more than quantity supplied c) price ceiling placed on rent d) a cost that does not change, no matter how much of a good is produced
Income Effect
a) Two goods that are bought and used together b) The total amount of money a firm receives by selling goods or services c) a chart that lists how much of a good suppliers will offer at different prices d) the change in consumption resulting from a change in real income
Demand Schedule
a) A graphic representation of a demand schedule b) Describes demand that is not very sensitive to a change in price c) a table that lists the quantity of a good a person will buy at each different price d) the change in output from hiring one additional unit of labor
Market Demand Schedule
a) A graphic representation of a demand schedule b) a table that lists the quantity of a good all consumers in a market will buy at each different price c) a chart that lists how much of a good a supplier will offer at different prices variable a factor that can change d) a measure of the way quantity supplied reacts to a change in price
Demand Curve
a) A graphic representation of a demand schedule b) costs of production that affect people who have no control over how much of a good is produced c) point at which quantity demanded and quantity supplied are equal d) a tax on the production or sale of a good
Ceteris Paribus
a) a good that consumers demand less of when their incomes increase b) Describes demand whose elasticity is exactly equal to 1 c) a measure of the way quantity supplied reacts to a change in price d) A Latin phrase that means all other things held constant
Normal Good
a) Two goods that are bought and used together b) a good that consumers demand more of when their incomes increase c) The change in output from hiring one additional unit of labor d) a cost that does not change, no matter how much of a good is produced
Inferior Good
a) a good that consumers demand less of when their incomes increase b) Describes demand whose elasticity is exactly equal to 1 c) the amount of goods available d) a factor that can change
Complements
a) a cost that does not change, no matter how much of a good is produced b) fixed cost + variable costs c) a tax on the production or sale of a good d) Two goods that are bought and used together
Substitutes
a) A measure of how consumers react to a change in price b) a measure of the way quantity supplied reacts to a change in price c) Goods used in place of one another d) government intervention in a market that affects the production of a good
Elasticity of Demand
a) A graphic representation of a demand schedule b) A measure of how consumers react to a change in price c) Describes demand whose elasticity is exactly equal to 1 d) a chart that lists how much of a good suppliers will offer at different prices
Inelastic
a) government intervention in a market that affects the production of a good b) Describes demand that is not very sensitive to a change in price c) maximum price that can be legally charged for a good or service d) costs of production that affect people who have no control over how much of a good is produced
Elastic
a) the amount of goods available b) the change in output from hiring one additional unit of labor c) Describes demand that is very sensitive to a change in price d) a level of production in which the marginal product of labor increases as the number of workers increases
Unitary Elastic
a) Describes demand whose elasticity is exactly equal to 1 b) the change in consumption resulting from a change in real income c) A graphic representation of a demand schedule d) A measure of how consumers react to a change in price
Total Revenue
a) The amount a supplier is willing and able to supply at a certain price b) a cost that rises or falls depending on how much is produced c) government intervention in a market that affects the production of a good d) The total amount of money a firm receives by selling goods or services
Supply
a) The desire to own something and the ability to pay for it b) the amount of goods available c) when quantity demanded is more than quantity supplied d) maximum price that can be legally charged for a good or service
Law of Supply
a) a level of production in which the marginal product of labor increases as the number of workers increases b) a cost that does not change, no matter how much of a good is produced c) tendency of suppliers of offer more of a good at a higher price d) a chart that lists how much of a good a supplier will offer at different prices
Quantity Supplied
a) the amount a supplier is willing and able to supply at a certain price b) the change in output from hiring one additional unit of labor c) maximum price that can be legally charged for a good or service d) osts of production that affect people who have no control over how much of a good is produced
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