Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/11

Click to flip

11 Cards in this Set

  • Front
  • Back

Workers get a 2$ increase in wage, what shifter applies?

Increase in cost of inputs

A supply schedule lists various quantities of a specific product with...

all possible prices in the market

Which of these describes an effect of increased govt. regulation on producers?

It shifts their market supply curve to the left

Which of these is the only thing that could cause movement along the demand curve?

A change in price

Which term refers to usefulness or satisfaction derived by using an item?

Utility

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

Inelastic Demand

Necessity, demand doesn't change with price shifts

Which of these best describes the influence of high prices on producers?

High prices are an incentive for producers to produce more

What affect would a price-ceiling on new apartment complexes have?

Shortage

What is the income effect?

A change in quantity demanded caused by a change in consumer income

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