KENT ZIRLOTT ECON 110 FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS 2026/2027
• Market - CORRECT ANSWER -A group of buyers and sellers of a particular good or service.
• Competitive Market - CORRECT ANSWER -Market in which there are many buyers and many
sellers so that each has a negligible impact on the market price.
• Quantity Demanded - CORRECT ANSWER -The amount of a good that buyers are willing and
able to purchase.
• Law of Demand - CORRECT ANSWER -The claim that, other things being equal, the quantity
demanded of a good falls when the price of a good rises.
• Demand Schedule - CORRECT ANSWER -A table that shows the relationship between the price
of a good and the quantity demanded.
• Demand Curve - CORRECT ANSWER -A graph of the relationship between the price of a good
and the quantity demanded.
• Normal Good - CORRECT ANSWER -A good for which an increase in income leads to an
increase in demands.
• Inferior Good - CORRECT ANSWER -A good for which an increase in income leads to a decrease
in demand.
• Substitutes - CORRECT ANSWER -Two goods for which an increase in the price of one leads to
a increase in the demand for the other.
, • Complements - CORRECT ANSWER -Two goods for which an increase in the price of one leads
to a decrease in the demand for the other.
• Quantity Supplied - CORRECT ANSWER -The amount of a good that sellers are willing and able
to sell.
• Law of Supply - CORRECT ANSWER -The quantity supplied of a good rises when the price of
the good rises.
• Supply schedule - CORRECT ANSWER -A table that shows the relationship between the price
of a good and the quantity supplied.
• Supply Curve - CORRECT ANSWER -A graph of the relationship between the price of a good
and the quantity supplied.
• Equilibrium - CORRECT ANSWER -A situation in which the market price has reached the level
at which quantity supplied equals quantity demanded.
• Equilibrium Price - CORRECT ANSWER -Price that balances quantity supplied and quantity
demanded.
• Equilibrium Quantity - CORRECT ANSWER -Quantity supplied and demanded at the
equilibrium price.
• Surplus - CORRECT ANSWER -A situation in which quantity supplied is greater than quantity
demanded.
• Shortage - CORRECT ANSWER -A situation in which quantity demanded is greater than
quantity supplied.
CORRECT ANSWERS 2026/2027
• Market - CORRECT ANSWER -A group of buyers and sellers of a particular good or service.
• Competitive Market - CORRECT ANSWER -Market in which there are many buyers and many
sellers so that each has a negligible impact on the market price.
• Quantity Demanded - CORRECT ANSWER -The amount of a good that buyers are willing and
able to purchase.
• Law of Demand - CORRECT ANSWER -The claim that, other things being equal, the quantity
demanded of a good falls when the price of a good rises.
• Demand Schedule - CORRECT ANSWER -A table that shows the relationship between the price
of a good and the quantity demanded.
• Demand Curve - CORRECT ANSWER -A graph of the relationship between the price of a good
and the quantity demanded.
• Normal Good - CORRECT ANSWER -A good for which an increase in income leads to an
increase in demands.
• Inferior Good - CORRECT ANSWER -A good for which an increase in income leads to a decrease
in demand.
• Substitutes - CORRECT ANSWER -Two goods for which an increase in the price of one leads to
a increase in the demand for the other.
, • Complements - CORRECT ANSWER -Two goods for which an increase in the price of one leads
to a decrease in the demand for the other.
• Quantity Supplied - CORRECT ANSWER -The amount of a good that sellers are willing and able
to sell.
• Law of Supply - CORRECT ANSWER -The quantity supplied of a good rises when the price of
the good rises.
• Supply schedule - CORRECT ANSWER -A table that shows the relationship between the price
of a good and the quantity supplied.
• Supply Curve - CORRECT ANSWER -A graph of the relationship between the price of a good
and the quantity supplied.
• Equilibrium - CORRECT ANSWER -A situation in which the market price has reached the level
at which quantity supplied equals quantity demanded.
• Equilibrium Price - CORRECT ANSWER -Price that balances quantity supplied and quantity
demanded.
• Equilibrium Quantity - CORRECT ANSWER -Quantity supplied and demanded at the
equilibrium price.
• Surplus - CORRECT ANSWER -A situation in which quantity supplied is greater than quantity
demanded.
• Shortage - CORRECT ANSWER -A situation in which quantity demanded is greater than
quantity supplied.
