Microeconomics Review

Which of the following would be a compliment to a hamburger patty?

• hotdog wiener

• hamburger bun

• pizza

• bubble bath

Chocoloto is a company that makes chocolate bars. The cost of chocolate, which is used to make the bars, goes up. Which graph correctly shows what will happen?

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Look at the graph. If the price of the good is at P1, what does the space between Q1 and Q3 (marked by the red line) indicate?

• surplus

• equilibrium

• shortage

• quantity supply shift

Look at the market supply and demand schedule. Which price would there be equilibrium?

• $7

• $5

• $3

• $1

Disney has partnered with Adidas shoes to create a new line of Star Wars shoes. Everyone who loves Star Wars rushes to buy the shoes. What determinant of demand does this example illustrate?

• Change in Consumer Income

• Change in Price of Subsitute

• Change in Taste and Preferences

• Change in Number of Consumers

Which of the following would NOT cause a shift in demand for pork chops?

• An increase in consumer income.

• A change in the price of pork chops.

• A rise in price of chicken.

• A study released saying pork chops will extend your life.

Study the supply and demand model. Which statement best explain the change shown in the model?

• 10 more producers enter the market.

• The government places a tax on the product.

• An popular athlete endorses the product.

• A new machine is introduced making it easier to produce the product.

Study the demand curve. The price of the product decrease from 40 to 20. Which of the following statements would be true?

• The quantity demanded increased from 20 to 40

• The quantity demanded decreased from 50 to 10

• The quantity demanded increased from 10 to 30

• The curve would shift to the right

As price increased of a product the quantity demanded will decrease. What is this?

• The Law of Supply

• The Law of Demand

• The Law of Market Equilibrium

• Newton's Law

The price of chicken and fish are both $10 a pound. The price of chicken rises to $20 a pound. What effect will this have on the demand for fish?

• There will not be change in demand for fish.

• The price of fish will increase to $15 a pound.

• The demand curve for chicken will shift to the left.

• The demand curve for fish will shift to the right.