4.03 Entrepreneurship

Front

Printers and ink cartridges are typically purchased together. Economists would call these

Back

Complements

Front

This part of the market determines SUPPLY

Back

sellers

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

If the price of printers goes down, what happens in the market for ink cartridges?

Back

Demand increases.

Front

This part of the market determines DEMAND

Back

buyers

Front

According to the law of supply,

Back

the higher the price the larger the quantity produced

Front

Which of the following businesses has elastic supply? newspaper publishing, apple farming, hair cutting, electricity generating

Back

hair cutting

Front

Which of the following is an example of a variable cost? rent, machinery repair, equipment, raw materials

Back

raw materials

Front

If sellers expect the price of a good to rise in the future, they will

Back

store goods now and sell more in the future

Front

Which of the following leads to an increase in supply? a change in the law of supply, diminishing marginal returns, an increase in the cost of raw materials, a decrease in the cost of raw materials

Back

a decrease in the cost of raw materials