Question: Equilibrium is reached when what occurs?

Answer: ​quantity supplied equals quantity demanded

Question: ​Which of these would an item’s producer be most likely to do if total revenue on that item began to drop?

Answer: ​produce less of that item

Question: Which term refers to a changing price that causes a proportional change in total revenue?

Answer: ​unit elastic

Question: Which of these industries has the least elastic supply curve?

Answer: ​the nuclear industry

Question: ​Which would an economist consider a likely substitute for coffee?

Answer: tea

Question: ​Consider the term marginal utility. Which word is the best synonym for marginal?

Answer: additional

Question: Which of these do producers of an item hope to achieve when adopting new technologies?

Answer: .

​a shift of the supply curve for that item to the right

Question: ​What is the main cause of a change in quantity demanded?

Answer: ​change in price

Question: ​Why is a demand curve downward sloping?

Answer: because quantity demanded increases as price decreases

Question: ​Why is the Law of Demand called a “law”?

Answer: because it has been demonstrated repeatedly