1) A situation in which the economic forces of supply and demand are balanced a) Equilibrium Price b) Elastic c) Inelastic d) Law of supply 2) Measures the responsiveness of one economic variable to a change in another a) Law of demand b) Law of supply c) Shortage d) Elastic 3) Situation where the quantity of a good and service demanded or supplied is unresponsive to price change a) Surplus b) Fixed costs c) Inelastic d) Total costs 4) All else being equal, as the price of a good or service increases, the price consumers are willing to pay goes down a) Law of demand b) Shortage c) P d) Variable cost 5) An increase in price results in an increase in quantity supplied a) S b) Marginal cost c) Law of supply d) Total cost 6) As a person consumes more units of a good or service, the satisfaction decreases a) E b) Law of diminishing marginal cost c) Total Cost d) Elastic 7) S ( Demand curve) a) Substitution b) Taste/Preferences c) Population change d) Sells/Suppliers 8) P ( Demand curve) a) Expectations b) Government Policy c) Shortage d) Population change 9) I ( Demand curve) a) Inferior good b) Normal good c) Income change d) Cost of production 10) C ( Demand curve) a) Taste/Preferences b) Complements c) Cost demand d) Cookie 11) E ( Demand curve) a) Sells/Suppliers b) Elastic c) Equilibrium price d) Expectations 12) T ( Demand curve) a) Law of supply b) Government Policy c) Taste/preferences d) Law of demand 13) P ( Supply curve) a) Production cost/technology b) Surplus c) Shortage d) Increase 14) E ( Supply curve) a) Law of diminishing marginal utility b) Sellers/Suppliers c) Complements d) Expectations 15) G ( Supply curve) a) Population change b) Income change c) Expectations d) Government Policy 16) S ( Supply curve) a) Income change b) Sellers/Suppliers c) Shortage d) Inelastic 17) To much of a good being made due to the cost a) Surplus b) Normal good c) Total costs d) Shortage 18) Not enough of a good being made a) Population change b) Surplus c) Shortage d) Law of demand 19) When price of one good or service change, consumers switch to the next best thing a) Substitution effect b) Inferior good c) Total cost d) Cost of production 20) A good or service for which demand increases as a consumers income rises and decrease when income falls a) Elastic b) Normal good c) Inferior good d) Law of supply 21) A product or service whose demand decreases as a consumers income rises and decrease when income falls a) Income change b) Normal good c) Inferior good d) Law of demand 22) The total expenses to manufacture a good or provide a service a) Equilibrium price b) Shortage c) Surplus d) Cost of production 23) An expense that does not change with the level of output or production a) Fixed cost b) Elastic c) Marginal cost d) Sellers/Suppliers 24) A business expense that fluctuates in direct proportion to the level of a company's output a) Variable cost b) Marginal cost c) Fixed cost d) Total cost 25) The additional cost incurred to produce one more unit of a good or service a) Shortage b) Marginal cost c) Law of demand d) Law of supply 26) The sum of all expense a firm incurs to provide a specific quantity of goods and services a) Government Policy b) Shortage c) Total cost d) Surplus 27) An increase a) Curve shifts to the left b) Curve shifts to the right 28) An decrease a) Curve shifts to the left b) Curve shifts to the right

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