RSM 100 Chapter 3 Checks Exam | Questions with
100% Correct Answers | Verified | Latest Update
2026
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Terms in this set (13)
Define microeconomics. Microeconomics is the study of economic
behaviour among individual consumers, families,
and businesses. Together, their overall behaviour in
the marketplace leads to the quantity of goods and
services that are demanded and supplied at
different prices.
Explain demand and supply curves. A demand curve is a graph showing the amount of
a product that buyers will purchase at different
prices. A supply curve shows the relationship
between different prices and the amount of goods
that sellers will offer for sale at those prices,
regardless of demand.
How do factors of production affect A change in the cost or availability of any of the
the overall supply of goods and factors of production can shift the entire supply
services? curve by either increasing or decreasing the
amount available at every price.
100% Correct Answers | Verified | Latest Update
2026
Save
Terms in this set (13)
Define microeconomics. Microeconomics is the study of economic
behaviour among individual consumers, families,
and businesses. Together, their overall behaviour in
the marketplace leads to the quantity of goods and
services that are demanded and supplied at
different prices.
Explain demand and supply curves. A demand curve is a graph showing the amount of
a product that buyers will purchase at different
prices. A supply curve shows the relationship
between different prices and the amount of goods
that sellers will offer for sale at those prices,
regardless of demand.
How do factors of production affect A change in the cost or availability of any of the
the overall supply of goods and factors of production can shift the entire supply
services? curve by either increasing or decreasing the
amount available at every price.
