A(n) exists when quantity demanded is greater than quantity supplied.
What is shortage
100
The quantity that exists in a market when quantity demanded equals quantity supplied is called the
What is equilibrium quantity
100
The states that if additional units of a resource are added to a resource that is fixed in supply, eventually, the additional output produced will decrease
What is the Law of Diminishing Marginal Returns
100
is the skills and knowledge used in production
What is human capital
100
Holding all other things constant, a higher price for ski lift tickets would be expected to
What is decrease the demand for skis
200
A is a legislated price below which legal trades cannot be made
What is a price ceiling
200
The tax a person pays on his/her income is called the tax
What is income
200
According to the , price and quantity demanded are inversely related
What is the Law of Demand
200
The stockholders for a firm choose the
What is the board of directors
200
A higher price for batteries would tend to
a. Increase the demand for flashlights
b. Decrease the demand for electricity
c. Increase the demand for electricity
d. Increase the demand for batteries
What is increase the demand for electricity
300
A is a legislated price above which legal trades can be made.
What is price floor
300
In a sole proprietorship and partnership, owners have liability
What is unlimited
300
According to the , as a person consumes additional units of a good, eventually, the utility gained from each additional unit of the good decreases
What is the law of diminishing marginal utility
300
Another term for Average Total Cost (ATC) is
What is per unit cost
300
Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas is higher. How would your demand for vanilla pudding be affected by this?
What is decrease
400
A market is in when quantity demanded is equals quantity supplied
What is equlibrium
400
A(n) for a firm is anything to which the firm has legal claim
What is asset
400
According to the , as price increases, quantity supplied
What is the law of SUpply
400
Law offices or doctor’s offices are examples of
What are partnerships
400
Holding the nonprice determinants of supply constant, a change in price would:
a. Result in a change in supply
b. Result in a movement along a stable supply curve
c. Result in a shift in demand
d. Have no effect on the quantity supplied
What is movement along the supply curve
500
According to the Law of Supply, Price and Quantity Supplied have a(n) relationship because as Price Increase so too does Quantity Supplied and vice versa
What is direct
500
Total Cost equals plus variable cost
What is fixed cost
500
According to the Law of Supply, Price and Quantity Supplied have a(n) relationship because as Price Increase so too does Quantity Supplied and vice versa
What is direct
500
Find the Average Total Cost if Quantity is 120 and Total Cost is $3,400
What is $28.33
500
If there is an increase in the cost of data plans for your cell phone what would happen to the number of actual phone calls made?
What is the number of phone calls would go up (texting would go down)