ECO 100 Week 2 Knowledge Check 2
ECO 100 Week 2 Knowledge Check 2
•Question 1
In economics, the demand for a good refers to the amount of the good that people:
•Question 2
What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demanded?
•Question 3
The ____________ is the quantity where quantity demanded and quantity supplied are equal at a certain price.
•Question 4
A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ____________, shown on the horizontal axis.
•Question 5
According to the law of supply:
•Question 6
Which of the following is the only price where quantity demanded is equal to quantity supplied?
•Question 7
The nature of demand indicates that as the price of a good increases:
•Question 8
If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase.
•Question 9
What is enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling?
•Question 10
What is the term for the total number of units that are purchased at that price?
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Answers
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Posted 24 Sep 2019 05:09 AM
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file 1569302393-ECO 100 Week 2 Knowledge Check 2.docx preview (398 words )
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