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econ 3

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1.
1 point
Profit motive
2.
1 point
Elastic demand includes products that are
3.
1 point
A tax is a required payment of money?
4.
1 point
Overhead is the total cost for manufacturing?
5.
1 point
The amount of a good or service that a consumer is willing and able to buy is
6.
1 point
Changes in Income, Price, Consumer tastes and preferences can cause a shift in demand?
7.
1 point
Competiton increases supply?
8.
1 point
Inelastic demand is a product that is
9.
1 point
This graph shows the relationship between price of a product and the quantity demanded
10.
1 point
When a consumer buys a similar, lower priced product for another product that is more expensive?
11.
1 point
Variable Costs change as the level of output changes?
12.
1 point
Complementary goods are
13.
1 point
The law of supply states that producers supply more _______ and ________when they can sell them at higher prices?
14.
1 point
Fixed costs stay the same?
15.
1 point
The relationship between price and quantity
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