UConn Econ 1202 Final Examination
and All Correct Answers 2025-2026
Updated.
perfectly competitive market - Answer a market that meets the conditions of (1) many buyers
and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the
market
demand schedule - Answer a table that shows the relationship between the price of a product
and the quantity of the product demanded
quantity demanded - Answer the amount of a good or service that a consumer is willing and
able to purchase at a given price
demand curve - Answer a curve that shows the relationship between the price of a product
and quantity of the product demanded
market demand - Answer the demand by all the consumers of a given good or service
law of demand - Answer the rule that, holding everything else constant, when the price of a
product falls, the quantity demanded of the product will increase, and when the price of a
product rises, the quantity demanded of the product will decrease
substitution effect - Answer the change in quantity demanded of a good that results from a
change in price, making the good more or less expensive relative to the other goods that are
substitutes
income effect - Answer the change in the quantity demanded of a good that results from the
effect of a change in the good's price on consumer purchasing power
ceteris paribus condition - Answer the requirement that when analyzing the relationship
between two variables -- such as price and quantity demanded -- other variables must be held
constant
normal good - Answer a good for which the demand increases as income rises and decreases
, substitutes - Answer goods and services that can be used for the same purpose
complements - Answer goods and services that are used together
demographics - Answer the characteristics of a population with respect to age, gender, and
race
quantity supplied - Answer the amount of a good or service that a firm i swilling and able to
supply at a given price
supply schedule - Answer a table that shows the relationship between the price of a product
and the quantity of the product supplied
supply curve - Answer a curve that shows the relationship between the price of a product and
quantity of the product supplied
law of supply - Answer the rule that, holding everything else constant, increases in price cause
increases in quantity supplied, and decreases in price cause decreases in the quantity supplied
technological change - Answer a positive or negative change in the ability of a firm to produce
a given level of output with a give quantity of inputs
market equilibrium - Answer a situation in which quantity demanded equals quantity supplied
competitive market equilibrium - Answer a market equilibrium with many buyers and sellers
shortage - Answer a situation in which the quantity demanded is greater than the quantity
supplied
surplus - Answer a situation in which the quantity supplied is greater than the quantity
demanded
determinants of demand - Answer 1. income
and All Correct Answers 2025-2026
Updated.
perfectly competitive market - Answer a market that meets the conditions of (1) many buyers
and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the
market
demand schedule - Answer a table that shows the relationship between the price of a product
and the quantity of the product demanded
quantity demanded - Answer the amount of a good or service that a consumer is willing and
able to purchase at a given price
demand curve - Answer a curve that shows the relationship between the price of a product
and quantity of the product demanded
market demand - Answer the demand by all the consumers of a given good or service
law of demand - Answer the rule that, holding everything else constant, when the price of a
product falls, the quantity demanded of the product will increase, and when the price of a
product rises, the quantity demanded of the product will decrease
substitution effect - Answer the change in quantity demanded of a good that results from a
change in price, making the good more or less expensive relative to the other goods that are
substitutes
income effect - Answer the change in the quantity demanded of a good that results from the
effect of a change in the good's price on consumer purchasing power
ceteris paribus condition - Answer the requirement that when analyzing the relationship
between two variables -- such as price and quantity demanded -- other variables must be held
constant
normal good - Answer a good for which the demand increases as income rises and decreases
, substitutes - Answer goods and services that can be used for the same purpose
complements - Answer goods and services that are used together
demographics - Answer the characteristics of a population with respect to age, gender, and
race
quantity supplied - Answer the amount of a good or service that a firm i swilling and able to
supply at a given price
supply schedule - Answer a table that shows the relationship between the price of a product
and the quantity of the product supplied
supply curve - Answer a curve that shows the relationship between the price of a product and
quantity of the product supplied
law of supply - Answer the rule that, holding everything else constant, increases in price cause
increases in quantity supplied, and decreases in price cause decreases in the quantity supplied
technological change - Answer a positive or negative change in the ability of a firm to produce
a given level of output with a give quantity of inputs
market equilibrium - Answer a situation in which quantity demanded equals quantity supplied
competitive market equilibrium - Answer a market equilibrium with many buyers and sellers
shortage - Answer a situation in which the quantity demanded is greater than the quantity
supplied
surplus - Answer a situation in which the quantity supplied is greater than the quantity
demanded
determinants of demand - Answer 1. income
