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Econ Test Review Chapters 4-6/Baseball Teams

Horizontales
Sufficient amount to satisfy a requirement
If producers will produce more of a good at the same price, it is considered a ____ in supply
If demand for a good changes substantially when prices change, that good would be considered
If a lower price causes a decrease in demand, it is said to have caused a change in _____ demanded
Phase III of production is ______ returns
Very narrow/close to the limit
A surplus is created when there is a price
Cincinnati
Taking a train rather than flying first class would likely be considered a ______ good.
Fairness, high administrative costs and disincentives to produce are all problems with
Advertising tries to increase demand by changing people's _____
In economics terms, guns and bullets would be considered ____ goods
Phase II of production is ____ returns
Unchanging
lacking or inadequate
Chicago
a decrease in the cost of inputs will cause an ____ in supply
San Francisco
in the opposite manner, position, or order
Red Sox
If a consumer cannot postpone the purchase of a product, demand tends to be
Tampa Bay
Verticales
BOGO promotions encourages consumers to purchase more of a product than they normally would because of the law of diminishing ____
A price ceiling will create a
New York
income, generally of a substantial nature
Cleveland (new name)
only the _______ demand curve shows demand for everyone in the market
Partial refund
When additional units purchased give less satisfaction, it is called the law of diminishing ____
Oakland
Phase I of production is ____ returns
A decrease in the number of consumers can casue the demand curve to
If demand for a good does NOT change substantially when prices change, that good would be considered
Total cost equals total ________ at the equilibrium point
Government payment to encourage or protect a certain economic activity
The demand curve slopes ___ and to the right
The period of production that allows producers to change the amounts of all inputs is the ____ run