Quiz Preview 10/ Economics - Principles Of Economics

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If supply increases and demand remains unchanged, equilibrium quantity will _______ and equilibrium price will ______________.

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There is a surplus of quantity supplied over quantity demanded when

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In the graph shown above, if market price were $6, there would be

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If demand rises and supply remains the same, equilibrium price will _____ and equilibrium quantity will _____.

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When supply falls and demand remains the same, equilibrium price _____ and equilibrium quantity ________.

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The demand curve slopes

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The economic and social costs of unemployment are borne by:

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A. Using the graph below, plot the following demand schedule and label it D1. B. Using the same graph, plot the following demand schedule and label it D2. C. Based on the graph with the data you plotted, you would conclude that demand __________.

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If the government set a price ceiling of 25 cents for a loaf of bread, the most likely consequence would be

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In the space provided in the graph above, draw a demand curve, D1 and then draw a second demand curve, D2, that illustrates an increase in demand.

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If market price is equal to equilibrium price

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As a result of flooding in June and too much heat in July and August, the corn crop turns out to be well below average. As a result of the poor weather,

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The market is where people __________________.

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As price declines, quantity demanded goes _______ and quantity supplied goes ________.

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The amount of money in the United States is determined by

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The "elasticity argument" criticizing traditional economic analyses of the minimum wage implies that

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An exit from an industry on the part of many business firms would cause a _____ in supply.

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A. Using the graph below, plot the following supply schedule and label it S1. B. Using the same graph, plot the following supply schedule and label it S2. C. Based on the graph with the data you plotted, you would conclude that supply __________.

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An increase in the cost of building materials will generally lead to a _______ in the ______ curve for new homes.

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An increase in the cost of building materials will generally lead to a _______ in the ______ curve for new homes.

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A decrease in the cost of production will lead to a(n) _______ in supply.

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What happens to equilibrium quantity when simultaneously the demand curve shifts left and the supply curve shifts right?

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A technological advance can lead to a(n) __________ in supply.

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Quiz Preview 10/ Economics - Principles Of Economics

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