Economics Test 2

 What states that when the price of a certain good rises, people tend to find alternatives that are less expensive?

 What type of good is expected to last at least three years?

What refers to the amount of satisfaction that results from a one-unit increase of a good?

 What refers to the direct benefit received by the owner of a good?

If Miss Johnson quit a job where she annually made $40,000 to start a business whose expense was $20,000 and total revenue was $15,000 during the first year, what would her opportunity cost for the year equal?

What type of good is capable of being used in conjunction with another?

What refers to the total amount of satisfaction received from possessing a particular amount of a good?

Assuming that point E is equilibrium and that supply remains constant, a shift from curve 3 to curve 2 would most likely set the new equilibrium at point _.

The price paid for a good is (a)   at point I than it is at point H.