econ unit 3 test

In short-run decisions, the only thing a company has control over is __________.

labor

Quantity demanded is a useless statistic without a __________________.

time constraint

What is the best explanation of the economic term utility?

usefulness of a product to the consumer

What is the marginal utility of the fourth sandwich?

0

What is the marginal product with 4 worker?

3 cars

What is the point of diminishing marginal utility?

What is the point of diminishing marginal utility?

Which of the following would NOT be an inferior good?

a suede sports coat

During an economic downturn, the demand for steak would _________________.

decrease

The government announced that it would decrease subsidies for corn growers. In this situation, supply in the corn market would ____________.

decrease

When both demand and supply decrease, _________ is uncertain.

equilibrium price

When there is an increase in demand, __________ increases.

equilibrium quantity

A normal good is a good or service whose demand is directly related to ________.

income

A new discovery of oil in Montana. In this situation, supply in the oil market would ____________.

increase

A news report declared the elimination of mad cow disease in the United States. In this situation, demand for beef would _________________.

increase

If the price of one substitute good increases, the demand for the other will __________.

increase

Change in demand refers to any influence other than ___________.

price