Microeconomics Review for Quiz and Test
This is the review for the Quiz and Test.
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Topics of this game:
- Which resource allocation below is typically used in a market system?
- The price of peanut butter has increased from $1.50 to $3.00 per jar. This has caused a decrease in demand for grape jelly. This best describes which determinant?
- What are the determinants of Supply?
- What does demand and supply begin with?
- What occurs when the SUPPLY AND DEMAND curves shift?
- What term have we learned that can also be referred to as "market clearing price"?
- When there is disequilibrium caused by excess demand, how can a supplier close this gap?
- Which of the 2 S's of Disequilibrium relate to excess supply?
- Which of the following examples can relate to a price ceiling?
- Where can price floor be found on a supply and demand curve schedule?
- When does a supply shock occur?
- How do the interactions of buyers and sellers determine the price of goods?
- What causes goods to be more expensive on the black market?
- What are the four types of market structures?
- What are the determinants of Market Structures?
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