Econ 201 Exam 2 Questions Complete
With 100% Verified Answers 2025/2026
Update
\Q\.the amount of a good that households want to consume given their income and prices in a
given time period - ANSWER-✔quantity demanded
\Q\.shows the relationship between the price level and the quantity demanded - ANSWER-
✔demand schedule
\Q\.as the price of a good increases, the quantity demanded falls - ANSWER-✔law of demand
\Q\.the price of a good compared to the price of another good - ANSWER-✔relative price
\Q\.as more units of a good are consumed, additional units provide less benefit - ANSWER-
✔law of diminishing marginal benefit
\Q\.amount consumer is willing to pay-amount actually must pay - ANSWER-✔consumer
surplus
\Q\.the amount of a commodity that a firm plans to sell in a given time period at a given price -
ANSWER-✔quantity supplied
\Q\.as the price for which a good can be sold increases, the quantity of that good that is
supplied will increase - ANSWER-✔law of supply
, \Q\.shows the relationship between the price level and the quantity supplied - ANSWER-
✔supply schedule
\Q\.the total economic cost of producing a good or service - ANSWER-✔opportunity cost of
production
\Q\.to supply additional units of a good, producers have greater opportunity costs, so the price
must rise to induce producers to supply greater quantities - ANSWER-✔law of increasing costs
\Q\.an excess of sales revenue relative to the cost of production - ANSWER-✔profit
\Q\.a deficit of sales revenue relative to the opportunity cost of production - ANSWER-✔loss
\Q\.amount actually paid to producer -amount must be paid to be willing to provide the good -
ANSWER-✔producer surplus
\Q\.in the market is where quantity supplied=quantity demanded - ANSWER-✔equilibrium
\Q\.a situation in which all of the potential gains from trade have been realized - ANSWER-
✔economic efficiency
\Q\.a movement along a demand curve caused by a change in the price level - ANSWER-
✔change in quantity demanded
\Q\.a shift of the entire demand curve due to a change in one of the determinants of demand -
ANSWER-✔change in demand
With 100% Verified Answers 2025/2026
Update
\Q\.the amount of a good that households want to consume given their income and prices in a
given time period - ANSWER-✔quantity demanded
\Q\.shows the relationship between the price level and the quantity demanded - ANSWER-
✔demand schedule
\Q\.as the price of a good increases, the quantity demanded falls - ANSWER-✔law of demand
\Q\.the price of a good compared to the price of another good - ANSWER-✔relative price
\Q\.as more units of a good are consumed, additional units provide less benefit - ANSWER-
✔law of diminishing marginal benefit
\Q\.amount consumer is willing to pay-amount actually must pay - ANSWER-✔consumer
surplus
\Q\.the amount of a commodity that a firm plans to sell in a given time period at a given price -
ANSWER-✔quantity supplied
\Q\.as the price for which a good can be sold increases, the quantity of that good that is
supplied will increase - ANSWER-✔law of supply
, \Q\.shows the relationship between the price level and the quantity supplied - ANSWER-
✔supply schedule
\Q\.the total economic cost of producing a good or service - ANSWER-✔opportunity cost of
production
\Q\.to supply additional units of a good, producers have greater opportunity costs, so the price
must rise to induce producers to supply greater quantities - ANSWER-✔law of increasing costs
\Q\.an excess of sales revenue relative to the cost of production - ANSWER-✔profit
\Q\.a deficit of sales revenue relative to the opportunity cost of production - ANSWER-✔loss
\Q\.amount actually paid to producer -amount must be paid to be willing to provide the good -
ANSWER-✔producer surplus
\Q\.in the market is where quantity supplied=quantity demanded - ANSWER-✔equilibrium
\Q\.a situation in which all of the potential gains from trade have been realized - ANSWER-
✔economic efficiency
\Q\.a movement along a demand curve caused by a change in the price level - ANSWER-
✔change in quantity demanded
\Q\.a shift of the entire demand curve due to a change in one of the determinants of demand -
ANSWER-✔change in demand
