Microecon 101 Midterm 1

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/14

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 4:56 AM on 9/22/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

15 Terms

1
New cards

First factor that shifts demand

Consumer Tastes and Preferences

2
New cards

Second factor that shifts demand

Buyers Income

*normal and inferior goods

3
New cards

Third factor that shifts demand

Price of Related Goods

*complementary goods and substitute goods

4
New cards

Fourth factor that shifts supply

Consumer Expectations

5
New cards

Fifth factor that shifts demand

Number of Buyers

6
New cards

Sixth factor that shifts demand

Network and Congestion Effects

7
New cards

First factor that shifts supply

Change in Input Prices

8
New cards

Second factor that shifts supply

Changes in Productivity & Technology

9
New cards

Third factor that shifts supply

Price of Related Outputs

*substitutes and complements

10
New cards

Fourth factor that shifts supply

Consumer Expectations

11
New cards

Fifth factor that shifts supply

Number of Sellers

12
New cards

First determinate of elasticity

More Competing Products

13
New cards

Second determinant of elasticity

Specific brands vs. categories of goods

14
New cards

Third determinant for elasticity

Necessities vs. Luxuries

15
New cards

Fourth determinant of elasticity

Time and adjustment process