ECON 2110 (Clemson) Midterm 2 | Latest
study set | Questions and verified
Answers
Demand curve - ANSW-a function that shows the quantity demanded at different prices
Quantity demanded - ANSW-the quantity that buyers are willing and able to buy at a particular price
Lower - ANSW-the _____ the price, the greater the quantity demanded.
Consumer surplus - ANSW-the consumer's gain from exchange, or the difference between the maximum
price a consumer is willing to pay for a certain quantity and market place
Total consumer surplus - ANSW-adding up consumer surplus for each consumer and for each unit
Beneath, above - ANSW-On a graph, total consumer surplus is the shaded area ______ the demand
curve and _______ the price.
Area of a triangle - ANSW-Geometric equation for consumer surplus on a graph
Increase - ANSW-An ______ increase in demand shifts the demand curve outward
Decrease - ANSW-A ________ in demand shifts the demand curve inward, down and to the left
More - ANSW-When people get richer, they buy _______ stuff.
Normal - ANSW-When an increase in income will increase the demand for a good, we call this a _______
good.
Inferior - ANSW-When an increase in income decreases the demand for a product, we call this a _______
good.
More - ANSW-More people = ________ demand
decrease - ANSW-A decrease in the price of substitute will _______ the demand for the other good.
increase - ANSW-An increase in the price of a substitute will ________ the demand for the other
substituted good.
Complements - ANSW-two goods for which the decrease in the price of one leads to an increase in the
demand for the other
increases - ANSW-a decrease in the price of a complement _______ the demand for the complementary
good
decreases - ANSW-an increase in the price of a complement ________ the demand for the
complementary good.
Expectation - ANSW-The _______of a reduction in the future product supply increased the demand for
the product today.
Tastes - ANSW-Change in _________ caused by fads, fashions, and advertising can all increase or
decrease demand.
Supply curve - ANSW-a function that shows the quantity supplied at different prices
Quantity supplied - ANSW-the quantity that sellers are willing and able to sll at a particular price
higher, greater - ANSW-The ______ the price, the ________ quantity supplied.
Producer surplus - ANSW-the producer's gain from exchange, or the difference between the market price
and the minimum price at which a producer would be willing to sell a particular quantity
study set | Questions and verified
Answers
Demand curve - ANSW-a function that shows the quantity demanded at different prices
Quantity demanded - ANSW-the quantity that buyers are willing and able to buy at a particular price
Lower - ANSW-the _____ the price, the greater the quantity demanded.
Consumer surplus - ANSW-the consumer's gain from exchange, or the difference between the maximum
price a consumer is willing to pay for a certain quantity and market place
Total consumer surplus - ANSW-adding up consumer surplus for each consumer and for each unit
Beneath, above - ANSW-On a graph, total consumer surplus is the shaded area ______ the demand
curve and _______ the price.
Area of a triangle - ANSW-Geometric equation for consumer surplus on a graph
Increase - ANSW-An ______ increase in demand shifts the demand curve outward
Decrease - ANSW-A ________ in demand shifts the demand curve inward, down and to the left
More - ANSW-When people get richer, they buy _______ stuff.
Normal - ANSW-When an increase in income will increase the demand for a good, we call this a _______
good.
Inferior - ANSW-When an increase in income decreases the demand for a product, we call this a _______
good.
More - ANSW-More people = ________ demand
decrease - ANSW-A decrease in the price of substitute will _______ the demand for the other good.
increase - ANSW-An increase in the price of a substitute will ________ the demand for the other
substituted good.
Complements - ANSW-two goods for which the decrease in the price of one leads to an increase in the
demand for the other
increases - ANSW-a decrease in the price of a complement _______ the demand for the complementary
good
decreases - ANSW-an increase in the price of a complement ________ the demand for the
complementary good.
Expectation - ANSW-The _______of a reduction in the future product supply increased the demand for
the product today.
Tastes - ANSW-Change in _________ caused by fads, fashions, and advertising can all increase or
decrease demand.
Supply curve - ANSW-a function that shows the quantity supplied at different prices
Quantity supplied - ANSW-the quantity that sellers are willing and able to sll at a particular price
higher, greater - ANSW-The ______ the price, the ________ quantity supplied.
Producer surplus - ANSW-the producer's gain from exchange, or the difference between the market price
and the minimum price at which a producer would be willing to sell a particular quantity
