Holy Shift
The difference between what a consumer is willing and able to pay for a product and the price they actually pay is known as?
Consumer Surplus
What is the formula to calculate percentage change?
(New - Old)/Old x 100
Below.
What happens to supply when the government establishes a per-unit excise tax in a market?
It decreases. (Shifts upward)
What did Gio and Abe dress up as on Saturday, 10/25/25?
A gorilla and a penguin.
The difference between what a producer is willing and able to sell a product and the price they actually sell it for is known as?
Producer Surplus
% Change in Quantity/% Change in Price
True or False: Price floors create shortages.
False.
How could the government discourage the production and purchase of harmful goods like cigarettes?
Put on an excise tax.
Gio: In 2010, Gio secured his first acting role in a commercial for what department store?
Macy's
What are the five factors that can shift the demand curve?
Market Size
Expectations
Related Goods
Income
Tastes and Preferences
The Total Revenue Test states that if a product is inelastic, and price increases, what will happen to total revenue?
Total revenue will increase.
If you remove a binding price ceiling for a product, what will happen to the equilibrium price?
It will increase.
What happens to quantity sold when the government institutes an excise tax?
Quantity sold decreases.
Abe: Who was Abe's first kiss?
The Princess Belle at Disney World
What are the six factors that can shift the supply curve?
Input Prices
Number of Sellers
Subsidies/Taxes
Expectations
Related Goods
Technology
Complements.
What will happen to the quantity demanded if the government institutes an effective price floor?
What is the formula for calculating the total tax revenue the government receives?
Gio: What was the make and model of Gio's first car?
2009 Toyota Rav-4
If an unusually cold summer destroyed a large portion of the bee population, the equilibrium price and quantity of honey produced by bees will most likely change in which of the following ways?
Price will increase. Quantity will decrease.
To alleviate a financial crisis, a university increases student fees. This action will increase university revenues if the price elasticity of demand for university education is?
Inelastic.
Assume that the government imposes a binding price ceiling on a market for an inferior good. If consumer incomes increase, what will happen to the shortage?
It will decrease.
If the market demand for a good is inelastic and the supply is elastic, do consumers or producers bear most of the tax burden?
Consumers.
Who did Abe take as the last overall pick of the 2024 Microeconomic team draft?
Kaden