ECON B 251 EXAM 5 2026 FINAL REVIEW
PACK COMPLETE QUESTION SET AND CORE
CONCEPT SUMMARY
◉ What does the opportunity cost principle ask? Answer: Or what?
◉ What does the marginal principle ask? Answer: One more?
◉ What does the interdependence principle ask? Answer: How are
things connected?
◉ What shifts the demand curve? Answer: population, expectations,
seasons, trends, income, prices of related goods
◉ When are goods considered complement-in-consumption?
Answer: when goods are both dependent on each other, an increase
in demand applies to both of them
◉ When are goods considered substitutes-in-consumption? Answer:
when goods both serve the same purchase, an increase in price for
one is an increase in demand for the other
, ◉ What would happen in the market for Netflix subscriptions if the
price for Hulu increased? Answer: demand increases
◉ What would happen in the market for Granny Smith Apples if
their price increases? Answer: quantity demanded decreases
◉ What would happen in the market for an inferior good if there
was a recession? Answer: demand increases
◉ What will happen in the market for the Seahawks merchandise,
now that they have recently won the Super Bowl? Answer: demand
increases
◉ What would happen in the market for TVs if the government
increases the minimum wage, increasing income? Answer: demand
increases
◉ What shifts the supply curve? Answer: Input prices, productivity
and technology, prices of related outputs, expectations, types and
number of sellers
◉ Why would milk and cream be considered complements-in-
production? Answer: both of these are produced from milking cows
PACK COMPLETE QUESTION SET AND CORE
CONCEPT SUMMARY
◉ What does the opportunity cost principle ask? Answer: Or what?
◉ What does the marginal principle ask? Answer: One more?
◉ What does the interdependence principle ask? Answer: How are
things connected?
◉ What shifts the demand curve? Answer: population, expectations,
seasons, trends, income, prices of related goods
◉ When are goods considered complement-in-consumption?
Answer: when goods are both dependent on each other, an increase
in demand applies to both of them
◉ When are goods considered substitutes-in-consumption? Answer:
when goods both serve the same purchase, an increase in price for
one is an increase in demand for the other
, ◉ What would happen in the market for Netflix subscriptions if the
price for Hulu increased? Answer: demand increases
◉ What would happen in the market for Granny Smith Apples if
their price increases? Answer: quantity demanded decreases
◉ What would happen in the market for an inferior good if there
was a recession? Answer: demand increases
◉ What will happen in the market for the Seahawks merchandise,
now that they have recently won the Super Bowl? Answer: demand
increases
◉ What would happen in the market for TVs if the government
increases the minimum wage, increasing income? Answer: demand
increases
◉ What shifts the supply curve? Answer: Input prices, productivity
and technology, prices of related outputs, expectations, types and
number of sellers
◉ Why would milk and cream be considered complements-in-
production? Answer: both of these are produced from milking cows
