Economics: Unit 3: 3.02

Which of the following goods are Non-Fungible? Jewelry Real Estate Sweaters All of the above

All of the above

Why are Public Goods sometimes called Nonrival? Because they can be used my many people at once. Because it is available to nonpaying people. Because not everyone can use a Public Good at the same time. Because their is steep competition is access them.

Because they can be used my many people at once.

If the Price of a good is Low, Producers will want to sell more of it. True False

False

Good luck!

Grade: 100% 5/5 (All answers are proven correct.)

A Fungible Good can be replaced by an identical substitute. Select from the list below examples of goods that are Fungible. Select 4 correct answer(s) Iodized Salt Shoes Art Corn Money Gasoline Real Estate

Iodized Salt Corn Money Gasoline

Normal Goods are products that most people would buy if they could afford them. True False

True

What is the BEST Economic definition of a Surplus? When Demand for a good or service is higher than Supply of a good or service. When Demand for a good or service is lower than Supply of a good or service. When Demand for a good or service is equal to Supply of a good or service. All of the above

When Demand for a good or service is lower than Supply of a good or service.

What Supply Issue is the graph displaying? https://learning.k12.com/content/enforced/2052067-COF_ID2074131/PastedImage_zka0djt3u0la54jjbjhe5lsj0cw289kh001738971640.png?_&d2lSessionVal=REUsjLHBe0EFYxmLnbOFLPenn A Surplus Low Demand A Shortage A Supply and Demand Curve

A Shortage