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ECO 320 EXAM 1 REVIEW 2025 QUESTIONS AND ANSWERS

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ECO 320 EXAM 1 REVIEW 2025 QUESTIONS AND ANSWERS

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ECO 320 EXAM 1 REVIEW 2025
QUESTIONS AND ANSWERS


Demand - ANSWER-Willingness to pay (marginal benefit)

Supply - ANSWER-Willingess to sell (marginal cost)

Demand shifters - ANSWER-Price of related goods (complements / substitutes),

income (normal goods / inferior goods), number of consumers, tastes,

expectations

Supply shifters - ANSWER-Price of related goods in production, input prices,

number of suppliers, technology, expectations

Normal goods - ANSWER-as income increases, demand increases

Inferior goods - ANSWER-as income increases, demand decreases

Problem of price ceiling - ANSWER-creates shortage, inefficient allocation of the

good, creates black markets

If we expect shortages - ANSWER-form lines, lottery

Arbitrage - ANSWER-buying in one market (low) selling in another market (high)




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