ECON 300 MIDTERM 1 QUESTIONS AND CORRECT
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Business Essentials EOC Review PSI DC: Licensing Requirements Superior School of Real Estate Ge
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Terms in this set (108)
4 key assumptions of the economic model oSupply and Demand in a single market
oAll goods in the market are identical
oAll goods sold in the market sell for the same price, and everyone has the
same info
oThere are many producers and consumers
supply the combined amount of a good that all producers in a market are willing to
sell
demand combined amount of a good that all consumers in a market are willing to buy
commodities products traded in markets in which consumers view different varieties of the
good as essentially interchangeable
factors that influence demand price
number of consumers
wealth/ consumer income
tastes/preferences
prices of other goods
, substitutes good that can be used IN PLACE of another good
complements good that is purchased and used IN COMBINATION with another good
demand curve relationship b/w quantity of a good that consumers demand and the goods
price
demand choke price price at which no consumer is willing to buy a good
quantity demand is ZERO
vertical intercept of inverse demand curve
inverse demand curve demand curve written in the form of price as a function of quantity demanded
change in quantity demanded movement ALONG demand curve
result of change in goods price
change in demand SHIFT of demand curve
result of change in a determinant of demand other than the goods price
Determinants of Supply price
suppliers cost of production
# of sellers
sellers outside options
production technology the processes used to make, distribute, and sell a good
supply curves graph relationship b/w quantity supplied of a good and the good's price
supply choke price price at with no firms is willing to produce a good
quantity supplied is ZERO
vertical intercept of inverse supply curve
inverse supply curve supply curve written in the form of price as a function of quantity supplied
changes in quantity supplied movement ALONG supply curve that occurs as a result of a change in good's
price
change in supply SHIFT of supply curve cause by a change in a determinant of supply other than
price
market equilibrium point where quantity demanded by consumers exactly equals quantity
supplied by producers
equilibrium price only price at which quantity supplied equals quantity demanded
ANSWERS WITH COMPLETE SOLUTION | NEW 2026
UPDATE
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
Business Essentials EOC Review PSI DC: Licensing Requirements Superior School of Real Estate Ge
Teacher 105 terms Teacher 22 terms Teacher 25 terms Te
Euro_Futbal Preview Forester3p Preview cliff_Rosasi Preview
Terms in this set (108)
4 key assumptions of the economic model oSupply and Demand in a single market
oAll goods in the market are identical
oAll goods sold in the market sell for the same price, and everyone has the
same info
oThere are many producers and consumers
supply the combined amount of a good that all producers in a market are willing to
sell
demand combined amount of a good that all consumers in a market are willing to buy
commodities products traded in markets in which consumers view different varieties of the
good as essentially interchangeable
factors that influence demand price
number of consumers
wealth/ consumer income
tastes/preferences
prices of other goods
, substitutes good that can be used IN PLACE of another good
complements good that is purchased and used IN COMBINATION with another good
demand curve relationship b/w quantity of a good that consumers demand and the goods
price
demand choke price price at which no consumer is willing to buy a good
quantity demand is ZERO
vertical intercept of inverse demand curve
inverse demand curve demand curve written in the form of price as a function of quantity demanded
change in quantity demanded movement ALONG demand curve
result of change in goods price
change in demand SHIFT of demand curve
result of change in a determinant of demand other than the goods price
Determinants of Supply price
suppliers cost of production
# of sellers
sellers outside options
production technology the processes used to make, distribute, and sell a good
supply curves graph relationship b/w quantity supplied of a good and the good's price
supply choke price price at with no firms is willing to produce a good
quantity supplied is ZERO
vertical intercept of inverse supply curve
inverse supply curve supply curve written in the form of price as a function of quantity supplied
changes in quantity supplied movement ALONG supply curve that occurs as a result of a change in good's
price
change in supply SHIFT of supply curve cause by a change in a determinant of supply other than
price
market equilibrium point where quantity demanded by consumers exactly equals quantity
supplied by producers
equilibrium price only price at which quantity supplied equals quantity demanded
