When demand decreases, the demand curve shifts to the
What is left
100
27. The _______ demand curve is the sum of all individual demand curves
What is market
100
28. When a consumer's need for a product is urgent and cannot be put off, demand for the product is usually
What is inelastic
100
29. When a purchae requires a large portion of income, demand for the product is usually
What is elastic
100
The ________________ states that the quantity demanded for a good or service varies inversly with its price
What is Law of Demand
200
1. For most products and services, increased price results in
What is demand for fewer products
200
4. Because modest price increase has little or no effect, the demand for a product is
What is inelastic
200
7. Consumers' willingness to replace a costly item with a less costly item is an example of
What is the substituion effect
200
11. All of the following can change the market supply curve EXCEPT
What is a change in the demand for the product
200
14. Total cost is the sum of the
What is fixed and variable costs
300
2. An increase in the price of milk causes a decrease in the demand for cereal. The two products are
What is complements
300
5. A business doubled the price of a product in order to increase profits. Which of the following scenarios mich have occured?
What is a dramatic decline in revenues demonstrated the elasticity of the product
300
9. When a customer's need for a product is not urgent, demand tends to be
What is elastic
300
12. The supply of a product normally decreases if
What is taxes on the product increase
300
21. A decrease in competition within an industry can result in a firm
What is wielding economic and political power
400
3. Advertising, fashion trends, and new product introductions serve to
What is create consumer demand
400
A demand schedule shows
What is a listing of various quantities demanded of a particular product at all prices in the market
400
10. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Demand for the product is
What is unit elastic
400
13. When employess are getting in each other's way, the firm is operating
What is Stage 2 of production
400
The Sherman Antitrust Act
What is outlawed restraints and monopolies that hindered trade
500
35. The production function describes the relationship between changes in output to different amounts of a single input while other inputs are held
What is constant
500
34. The three stages of production are increasing returns, _________ returns, and negative returns
What is diminishing
500
33. The Law of variable proportions states that in the ________, output will change as one input is varied while the others are held constant
What is short run
500
The ________ is a period of production in which producers can adjust the quantities of their resources, including capital
What is long run
500
31. After you've had a certain amount of your favorite food, your enjoyment lessens. This is an example of