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Microeconomics Review for Quiz and Test

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This is the review for the Quiz and Test.

Created Date 10.19.20
Last Updated 10.21.20
Viewed 6 Times
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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?