Microeconomics

The law of supply

• direct relationship between price and quantity supplied: upward curve

• direct relationship between price and quantity supplied: downward curve

• indirect relationship between price and quantity supplied: upward curve

• indirect relationship between price and quantity supplied: downward curve

Which is NOT a shifter for demand

• population

• taste/preferences

• government regulation

• income

Point of Equilibrium is where the demand and supply curve intersect

• true

• false

which are shifters in supply

• government

• productivity

• population

• technology

• tastes/preferences

which does the following describe:

unlimited liability one owner only income taxed

• partnership

• corporation

• sole proprietorship

example of perfect competition

• Comcast

• Apple

• Agricultural Market

• H&M

which is an example of a monopoly

• comcast

• flea market

• forever 21

• apple

prices set too high

• price ceilings

• price floors

price too low

• price floors

• price ceilings

causes shortages

• price ceilings

• price floors