Microeconomics Quiz Study Guide 2018-19 - Custom Scholars
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Microeconomics Quiz Study Guide 2018-19

question
Law of Demand
answer
Consumers buy more of a good when its price decreases and less when its price increases.
question
Law of Supply
answer
Producers offer more of a good as its price increases and less as its price falls.
question
Quantity Demanded
answer
The actual amount of a good or service consumers are willing to buy at some specific price
question
Quantity Supplied
answer
The actual amount of a good or service producers are willing to produce at some specific price
question
Equilibrium Price
answer
The price that balances quantity supplied and quantity demanded
question
Equilibrium Quantity
answer
The quantity bought and sold at the equilibrium price
question
Change in Demand
answer
A shift of the demand curve, which changes the quantity demanded at any given price
question
Change in Supply
answer
A shift of the supply curve, which changes the quantity supplied at any given price
question
Curve Shifts to the Left
answer
Decrease in Supply or Demand
question
Curve Shifts to the Right
answer
Increase in Supply or Demand
question
Price Floor
answer
A legal minimum on the price at which a good can be sold
question
Price Ceiling
answer
A legal maximum on the price at which a good can be sold
question
Market Economy
answer
An economy in which the resources are owned and controlled by the people of the country
question
Command Economy
answer
An economic system in which the government controls a country's economy
question
Monopoly
answer
A market in which there are many buyers but only one seller
question
Oligopoly
answer
A market structure in which a few large firms dominate a market
question
Perfect Competition
answer
A market structure in which a large number of firms all produce the same product
question
Externality
answer
A cost or benefit that affects a party who did not choose to incur that cost or benefit
question
Positive Externality
answer
A benefit someone receives who was not involved in the activity that generated the benefit
question
Negative Externality
answer
A cost someone incurs who was not involved in the activity that generated the cost
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question
Law of Demand
answer
Consumers buy more of a good when its price decreases and less when its price increases.
question
Law of Supply
answer
Producers offer more of a good as its price increases and less as its price falls.
question
Quantity Demanded
answer
The actual amount of a good or service consumers are willing to buy at some specific price
question
Quantity Supplied
answer
The actual amount of a good or service producers are willing to produce at some specific price
question
Equilibrium Price
answer
The price that balances quantity supplied and quantity demanded
question
Equilibrium Quantity
answer
The quantity bought and sold at the equilibrium price
question
Change in Demand
answer
A shift of the demand curve, which changes the quantity demanded at any given price
question
Change in Supply
answer
A shift of the supply curve, which changes the quantity supplied at any given price
question
Curve Shifts to the Left
answer
Decrease in Supply or Demand
question
Curve Shifts to the Right
answer
Increase in Supply or Demand
question
Price Floor
answer
A legal minimum on the price at which a good can be sold
question
Price Ceiling
answer
A legal maximum on the price at which a good can be sold
question
Market Economy
answer
An economy in which the resources are owned and controlled by the people of the country
question
Command Economy
answer
An economic system in which the government controls a country's economy
question
Monopoly
answer
A market in which there are many buyers but only one seller
question
Oligopoly
answer
A market structure in which a few large firms dominate a market
question
Perfect Competition
answer
A market structure in which a large number of firms all produce the same product
question
Externality
answer
A cost or benefit that affects a party who did not choose to incur that cost or benefit
question
Positive Externality
answer
A benefit someone receives who was not involved in the activity that generated the benefit
question
Negative Externality
answer
A cost someone incurs who was not involved in the activity that generated the cost
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