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11 Cards in this Set
- Front
- Back
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Workers get a 2$ increase in wage, what shifter applies? |
Increase in cost of inputs |
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A supply schedule lists various quantities of a specific product with... |
all possible prices in the market |
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Which of these describes an effect of increased govt. regulation on producers? |
It shifts their market supply curve to the left |
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Which of these is the only thing that could cause movement along the demand curve? |
A change in price |
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Which term refers to usefulness or satisfaction derived by using an item? |
Utility |
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On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of... |
a change in price |
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Inelastic Demand |
Necessity, demand doesn't change with price shifts |
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Which of these best describes the influence of high prices on producers? |
High prices are an incentive for producers to produce more |
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What affect would a price-ceiling on new apartment complexes have? |
Shortage |
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What is the income effect? |
A change in quantity demanded caused by a change in consumer income |
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Which of these do producers of an item hope to achieve when adopting new technologies? |
a shift in the supply curve for that item to the right |
