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10 Cards in this Set

  • Front
  • Back
Suppose Japan decides to increase its production of cars by 45. What is the opportunity cost of this decision?
9 airplanes
A movement downward and to the right along a demand curve is called
an increase in quantity demanded.
An increase in the price of oranges would lead to
a movement up and to the right along the supply curve for oranges.
If there is a shortage of farm laborers, we would expect
the wage of farm laborers to increase.
The difference between slope and elasticity is that
slope is a ratio of two changes, and elasticity is a ratio of two percentage changes.
When supply is perfectly elastic, the value of the price elasticity of supply is
If the minimum wage exceeds the equilibrium wage, then
the quantity supplied of labor will exceed the quantity demanded.
Which of the following causes a surplus of a good?
a binding price floor
What happens to the consumer surplus if the price rises from $100 to $150?
The new consumer surplus is 25 percent of the original consumer surplus.
Producer surplus is
the amount a seller is paid minus the cost of production.