Econ Unit 2 Test Review

The total amount of a good or service available for purchase.

• Demand

• Supply

• Compliments

• Substitute

A market with only one seller is called what?

• Demand

• Monopoly

• Competitive

• Control

Demand and supply curves show the relationship between what two items?

• Supply and Demand

• Quality and Price

• Quantity and Equilibrium

• Quantity and Price

Two different types of goods... increase in the price of one good leads to an increase in the demand for the other.

• Demand

• Supply

• Substitute

• Compliments

When the price of chocolate sauce decreases or goes on sale, the sale of ice cream will also increase because these goods are known as what?

• Demand

• Substitute

• Supply

• Compliments

The price that balances the quantity demanded and the quantity supplied.

• Equilibrium

• Demand Price

• Competitive Market

• Law of Supply and Demand

Demand/Supply for a good is said to be what, if the quantity demanded responds to changes in the price.

• Elastic

• Inelastic

• Equilibrium

• Binding

Demand/Supply is said to be what, if the quantity demanded responds only slightly to changes in the price.

• Elastic

• Inelastic

• Equilibrium

• Binding

A maximum price that can be charged is a what?

• Price Floor

• Price Ceiling

• Equilibrium

• Binding constraint

Minimum price that something can be sold or bought for.

• Price Floor

• Price Ceiling

• Equilibrium

• Binding Constraint