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BEC Economic Theory review 2

  1. What is supply?
    The amount of a good that producers as a group will supply at a given price during a given period of time.
  2. What will increase the demand for a normal good?
    1. an increase in consumer income
  3. What will increase the demand for a inferior good?

    1. ----------------------------
    2. ---------------------------------
    3. a favorable change in preferences
    4. an increase in the number of consumers
    5. the end of a boycott.
    • 1. a decrease in consumer income
    • 2. expected future price increases
    • 3. a favorable change in preferences
    • 4. an increase in the number of consumers
    • 5. the end of a boycott.
  4. What will increase the demand for a inferior good?

    1. a decrease in consumer income
    2. expected future price increases
    3. ------------------------------
    4. ----------------------------------
    5. the end of a boycott.
    • 1. a decrease in consumer income
    • 2. expected future price increases
    • 3. a favorable change in preferences
    • 4. an increase in the number of consumers
    • 5. the end of a boycott.
  5. What will increase the demand for a inferior good?

    1. a decrease in consumer income
    2. expected future price increases
    3. a favorable change in preferences
    4. an increase in the number of consumers
    5. ---------------------------------
    • 1. a decrease in consumer income
    • 2. expected future price increases
    • 3. a favorable change in preferences
    • 4. an increase in the number of consumers
    • 5. the end of a boycott.
  6. What will increase the demand for a inferior good?


    1. --------------------------------
    2. -------------------------------------
    3. ------------------------------------
    4. ----------------------------------
    5. ---------------------------------
    • 1. a decrease in consumer income
    • 2. expected future price increases
    • 3. a favorable change in preferences
    • 4. an increase in the number of consumers
    • 5. the end of a boycott.
  7. Price an quantity supplied for a good are related ---------, that is the ---------- the price the ------------------ the supply.
    Price an quantity supplied for a good are related directly, that is the higher the price the higher the supply
  8. For resources with perfect ---------------, a higher price will not increase the supply.
    For resources with perfect inelasticity, a higher price will not increase the supply.
  9. For resources with perfect inelasticity, a ------- price will -------------------- supply.
    For resources with perfect inelasticity, a higher price will not increase the supply.
Author
Joens1313
ID
299493
Card Set
BEC Economic Theory review 2
Description
BEC Economic Theory review 2
Updated

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