Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Question

An increase in the price of product B leads to an increase in the demand for product C. This indicates that products B and C are:
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

If the price of a product decreases, we would expect:
Remaining cards (8)
Know
0:01
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Micro- Midterm 1

Microeconomics Midterm 1- Part 2/3

QuestionAnswer
An increase in the price of product B leads to an increase in the demand for product C. This indicates that products B and C are: Substitute goods
If the price of a product decreases, we would expect: Quantity supplied to decrease
All of the following would affect the position of the supply curve for cranberries except: Popularity of cranberry drinks
There is a surplus of tomatoes in the market. This implies that: Supply of tomatoes is more than demand
A decrease in demand and an increase in supply will: Decrease price, indeterminate quantity
When producers do not produce the efficient amount of a product because they are unable to charge consumers what they are willing to pay for it, we have a: Supply-side market failure
When producers do not have to pay the full cost of producing a product, they tend to: Over-produce the product because of a demand side market failure
The law of demand states that, other things equal: Price and quantity demanded are inversely related
Broadly defined, competition involves: Independently acting buyers and sellers and freedom to enter or leave markets
Created by: joebouhadana
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards