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And Answers
_____ are grown, mined, or manufactured commodities; _______ are activities performed for others. - correct answer ✅Goods....services _______ value is based on the value and scarcity of a product's components and the labor required to produce it; ______ value is based on the consumer's idea of the product's usefulness to him. - correct answer ✅Intrinsic...subjective ______ is consumer satisfaction received from a good or service; _______ is the satisfaction derived from the consumption of one unit or that good or serve; and ______ is the decrease in satisfaction provided by the consumption of each additional unit. - correct answer ✅Utility.... marginal utility...diminishing marginal utility _____ is an expression of value in terms of money. - correct answer ✅Price Limited factors of production in a free-market economy include: - correct answer ✅natural resources, management, capital, labor
And Answers
Prices in a free-market economy are determined by the interaction of_________ - correct answer ✅supply and demand ______ is the quantity of a good or service available for sale. - correct answer ✅Supply _____ is the desire for a good or service coupled with the ability and willingness to purchase it. - correct answer ✅Demand Demand can be influenced by: - correct answer ✅urgency of the consumer's need, the supply of the product or service, consumer income, utility of the product or service, the price of the product or service Supply can be influenced by: - correct answer ✅price, time, cost of product, technology
And Answers
A ______ occurs when supply exceeds demand; a _______ results when demand exceeds supply. - correct answer ✅surplus....shortage During the ______ run, all production factors may be varied; during the _____ run, only some factors may be varied. - correct answer ✅long....short Price is a major influence on supply in ____ run; cost of production and technology are major influences in the ____ run - correct answer ✅short ,,,,long Necessities such as agricultural products are goods with an ____ supply, while luxuries are goods with an ______ supply. - correct answer ✅inelastic.....elastic It takes a longer period of time to increase the supply of a good with an ______supply, but supplies of good with an _____ supply can be increased in a short time. - correct answer ✅inelastic...elastic
And Answers
The market always tends toward _________. - correct answer ✅equilibrium The ______price is the price at which supply and demand are equal and all elements of the market are satisfied. - correct answer ✅equilibrium What effect on price does a supply and demand increase or decrease equally have? - correct answer ✅unchanged effect What effect on price does "supply decreases, but demand remains the same" have? - correct answer ✅increase What effect on price does "supply increases, but demand remains the same" have? - correct answer ✅decrease
And Answers
Methods of eliminating a shortage: - correct answer ✅decreasing demand, increasing supply, increasing price and production decrease in demand - correct answer ✅match with the graph decrease in supply - correct answer ✅match with the graph elastic demand - correct answer ✅match with the graph elastic supply - correct answer ✅match with the graph increase in demand - correct answer ✅match with the graph
And Answers
increase in supply - correct answer ✅match with the graph inelastic demand - correct answer ✅match with the graph inelastic supply - correct answer ✅match with the graph Supply-5,000 Price-$2,500 Demand-1,000 What is the surplus/shortage and pressure on price? - correct answer ✅+4,000....decrease Supply-4,000 Price-$2,000 Demand-2,000 What is the surplus/shortage and pressure on price? - correct answer ✅+2,000....decrease Supply-3,000 Price-$1,500 Demand-3,000 What is the surplus/shortage? - correct answer ✅ 0
