Micro- Midterm 1 Word Scramble
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| Question | Answer |
| 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 |
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joebouhadana
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