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Economics Chapter 6 Review Game * = correct answer on multiple choice questions 1.

. What is a change in the quantity of a product purchased in response to a change in price? a change in quantity demanded 2. The price of Product A decreases and Kip buys more reflects the Change in Quantity Demanded * Change in Quantity Supplied Change in Demand Change in Supply 3. A popular athlete does a commercial for the Alphabet Corporation endorsing Product A causing sales to increase. What explains this action? Change in Quantity Demanded Change in Quantity Supplied Change in Demand * Change in Supply 4. What is the lowest hourly rate a business can pay workers? Minimum wage 5. Which of the following is true about minimum wage? Minimum wage is below the equilibrium price. It is a price ceiling. It is a price floor.* It creates shortages. 6. What will happen to the supply of Product A if the cost of one of its inputs goes up? Supply will decrease 7. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if the supply decreases? The equilibrium price increase and the equilibrium quantity decreases 8. This is the maximum legal price that can be charged. price ceiling 9. What is it called when quantity demanded is greater than quantity supplied? shortage

10. What causes movement along the demand curve? a change in price 11. Which one of the following can cause a change in demand? a change in consumer tastes * the substitution effect the income effect. inefficient use of the resources 12. When buyers purchase the same amount of a good as a firm is willing to sell, what condition has been reached? equilibrium 13. What is it called when quantity supplied is greater than quantity demanded? surplus 14. What characteristic of a market economy resolves the problems of shortages & surpluses? price flexibility 15. The price of PRODUCT A decreases and the Alphabet Corporation puts less out. What explains this action? Change in Quantity Demanded Change in Quantity Supplied * Change in Demand Change in Supply 16. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if the demand increases? The equilibrium price and the equilibrium quantity increases 17. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if the supply increases? The equilibrium price decreases and the equilibrium quantity increases 18. What would happen to the supply of PRODUCT A if the number of sellers of PRODUCT A decrease? SUPPLY DECREASES 19. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if the number of sellers of PRODUCT A decrease? The equilibrium price increase and the equilibrium quantity decreases 20. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A demand decrease?

The equilibrium price and the equilibrium quantity decreases 21. What would happen to the supply of PRODUCT A if the technology for producing PRODUCT A improves? SUPPLY INCREASES 22. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if the technology for producing PRODUCT A improves? The equilibrium price decreases and the equilibrium quantity increases 23. What causes movement along the supply curve? a change in price 24. Which of the following is signified by a shift of the supply curve? Change in Quantity Demanded Change in Quantity Supplied Change in Demand Change in Supply* 25. PRODUCT A and PRODUCT B are complements. What would happen to the demand of PRODUCT A if the price of PRODUCT B increases? DEMAND DECREASES 26. What would happen to the equilibrium price and the equilibrium quantity of PRODUCT A if this happens? The equilibrium price and the equilibrium quantity decreases

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