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☆☆☆☆☆Cards in this guide (15)
Who was a Free market philosopher
Adam Smith
In order for a price decrease to increase revenue which of the following must be true A. Demand must be elastic B. Demand must be inelastic. C. Demand must be unit elastic D. Supply must be inelastic
A)
How did the existence of the baby boom generation change demand in the US
demand was raised for different goods with each age of the baby boomers reached.
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future
Store the goods until the price rises and then try to sell them.
What happens in the case of a product that has elastic supply when the price decreases
people die
What are the types of supply elasticity
Types of elasticity of supply
1) Perfectly elastic supply
2) Relative elastic supply
3) Unitary elastic supply
4) Relatively in elastic supply
5) Perfectly in elastic supply
What is deciding whether to do or use one additional unit of some resource
Thinking at the margin... i think
The term inferior goods refers to what kind of goods
goods that consumers demand less of when their incomes increases
Which product would be likely to be bought in the same quantity even if it doubled in price
Salt
Industry that requires a large capital investment and that produces items used in other industries is known as
A Heavy Industry
What is a garage worker called
A worker.
Which point on the graph represents the equilibrium price
Supply and demand graphs meet at the equilibrium price.
The term normal goods refers to what kind of goods
Goods that consumers demand more of when their incomes increase
What stage of the business cycle would be most appropriate to describe the years from 1929 to 1933
The years from 1929 to 1933 are most appropriately described as an expansion
Which of the following markets is an example of monopolistic competition
bookbags
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