Economics 11-15
Which is an example of a shortage? A consumer tries to buy bread, but the store is sold out. A consumer tries to buy bread, but there is only one option. A consumer tries to buy bread, but buys muffins instead. A consumer tries to buy bread, but the price is too high.
A consumer tries to buy bread, but the store is sold out.
Which most accurately describes a firm's goal regarding revenue? A firm will continue producing until its marginal revenue equals its marginal cost. A firm will stop producing before its marginal costs exceed its marginal revenue. A firm will continue producing until its marginal revenue exceeds its marginal cost. A firm will stop producing when its marginal cost has reached stage III of production.
A firm will continue producing until its marginal revenue equals its marginal cost.
Which is an argument in favor of a minimum wage? A minimum wage helps workers afford housing and food for their families. Setting a minimum wage helps prevent the unemployment rate from rising. An increase in minimum wage reduces inflation and protects the value of the dollar. The economy is less likely to enter a recession when workers make at least a minimum wage.
A minimum wage helps workers afford housing and food for their families.
Which accurately provides an example of demand elasticity? As the price of video games decreases by 20 percent, the demand for video games increases by 30 percent. As the price of gasoline increases by 5 percent, the demand for gasoline remains constant. As the price of penicillin decreases by 30 percent, the demand for penicillin remains constant. As the price of bananas decreases by 10 percent, the demand for bananas decreases by 10 percent.
As the price of video games decreases by 20 percent, the demand for video games increases by 30 percent.
Car Company X manufactures automobiles. Its costs of production have recently risen because the cost of electricity needed to power the manufacturing plants have increased. Which best describes the outcome of the above scenario? Car Company X will increase the supply of automobiles it produces and will sell them at lower prices. Car Company X will decrease the supply of automobiles it produces and likely will sell them at higher prices. Car Company X will decrease the supply of automobiles it produces and likely will sell them at lower prices. Car Company X will increase the supply of automobiles it produces and will sell them at higher prices.
Car Company X will increase the supply of automobiles it produces and will sell them at higher prices. XXXXXXXXXXXXXXXXXXXXXX Car Company X will decrease the supply of automobiles it produces and likely will sell them at higher prices. ??????????????
What does the law of demand state about consumer decisions? Consumers will buy more at lower prices. Consumers will buy more based on the opportunity cost. Consumers will buy less at lower prices. Consumers will buy less based on the opportunity cost.
Consumers will buy more at lower prices.
Which accurately describes the difference between elastic and inelastic demand? Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change. Inelastic demand refers to a change in production by producers when the price of a good or service changes, whereas elastic demand refers to the lack of change in production as prices change. Inelastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas elastic demand refers to the lack of change in demand as prices change. Elastic demand refers to a change in production by producers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in production as prices change.
Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.
Which accurately describes the difference between elastic and inelastic supply? Elastic supply refers to a change in production by producers when the price of a good or service changes, whereas inelastic supply refers to the lack of change in production as prices change. Inelastic supply refers to a change in spending by consumers when the price of a good or service decreases, whereas elastic supply refers to lack of change in spending as prices decrease. Elastic supply refers to a change in spending by consumers when the price of a good or service decreases, whereas inelastic supply refers to lack of change in spending as prices decrease. Elastic supply refers to a change in production by producers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in production as prices change.
Elastic supply refers to a change in production by producers when the price of a good or service changes, whereas inelastic supply refers to the lack of change in production as prices change.
Which is a true statement about demand? For demand to exist, the desire for a product must be coupled with available supply of the product. For demand to exist, there must be a price drop that stimulates interest. For demand to exist, there must be a desire, willingness, and ability to pay for a product. For demand to exist, the reasons a person wants a product must be reasonable.
For demand to exist, there must be a desire, willingness, and ability to pay for a product.
What 1886 Chicago event was a disturbance that broke out during a campaign by union members who were advocating for an eight-hour workday? Haymarket Riot Pullman Strike Homestead Strike 12th Street Riot
Haymarket Riot
At Mario's pizza shop, the price of a slice of pizza drops from $2.50 to $2.00. What signal is Mario sending his customers? He is signaling what he believes consumers are willing to pay. He is signaling a decrease in quality. He is signaling to consumers to buy less. He is signaling that resources are scarce.
He is signaling what he believes consumers are willing to pay.
Tina makes widgets. She buys a new machine that can increase widget production. She will no longer need two of her employees. Which is true regarding Tina's supply of widgets? Her supply will decrease because she will have fewer employees. Her supply will increase because the new technology is more efficient. Her supply will decrease because she will need to pay for the new machine. Her supply will increase because production is less expensive.
Her supply will increase because the new technology is more efficient.
What is a difference between perfect competition and monopolistic competition? In a perfectly competitive market, products are perfect substitutes for each other. In a monopolistic market, products are differentiated. In a monopolistic market, there are no barriers to entry. In a perfectly competitive market, the barriers to entries are high. In a perfectly competitive market, there are no barriers to entry. In a monopolistic market, the barriers to entry are high. In a monopolistic market, products are perfect substitutes for each other. In a perfectly competitive market, products are differentiated.
In a perfectly competitive market, products are perfect substitutes for each other. In a monopolistic market, products are differentiated.
What consequences occur when there is insufficient competition in the marketplace? (Select all that apply.) Inadequate competition can lead large firms to lobby and influence politicians. Inadequate competition can lead to poor allocation of scarce resources by large firms. Inadequate competition can lead to artificial shortages and higher prices. Inadequate competition can lead to laissez-faire practices by the government.
Inadequate competition can lead large firms to lobby and influence politicians. Inadequate competition can lead to poor allocation of scarce resources by large firms. Inadequate competition can lead to artificial shortages and higher prices.
How does an increase in the price of a substitute affect demand for a product? It causes demand to remain the same because people are not concerned with substitutes. It causes demand to fluctuate because people are unsure of the market. It causes demand to go up because the product is less expensive than its substitute. It causes demand to go down because people are concerned about the higher price.
It causes demand to go up because the product is less expensive than its substitute.
The Federal Trade Commission (FTC) protects consumers in what ways? (Select all that apply.) It conducts investigations that can result in lawsuits for lawbreakers. It develops rules and guidelines for maintaining healthy marketplaces. It sells private information to companies so that they can market to consumers. It allows businesses to make money at the expense of the consumer.
It conducts investigations that can result in lawsuits for lawbreakers. It develops rules and guidelines for maintaining healthy marketplaces.
What is true regarding price? (Select all that apply.) It sends a message to consumers about the worth of a product. It is the value of a product in terms of money. It is determined by businesses based on production costs. It tells the government how much they can charge in taxes.
It sends a message to consumers about the worth of a product. It is the value of a product in terms of money.
Why might the government intervene to set prices? (Select all that apply.) It wants to ensure that the country can produce items it needs in an emergency. It wants to ensure that businesses are operating efficiently. It wants to ensure that all people can afford food. It wants to ensure that the government has the resources it needs.
It wants to ensure that the country can produce items it needs in an emergency. It wants to ensure that businesses are operating efficiently. PPPPPPPPPPPPPPPPPPPPPP
What does the law of variable proportions say about marginal product? It will decline if multiple inputs are increased. It will decline if only one input is increased. It will increase if all inputs are increased slowly. It will increase if labor inputs are increased.
It will decline if only one input is increased.
The latest holiday toy has arrived in the store. What will happen to the price as the holiday approaches? It will increase due to more demand and less supply. It will decrease due to more demand and more supply. It will increase due to less demand and more supply. It will decrease due to more demand and less supply.
It will increase due to more demand and less supply.
A new technology is created to help a manufacturer. How will this affect production? It will increase supply because the item can now be produced at a lower price. It will increase demand because the salaries will increase to pay for new production. It will increase supply because the new technology will cost more. It will increase demand because the price will increase to pay for the new technology.
It will increase supply because the item can now be produced at a lower price.
What were the final agreements between Microsoft and the Department of Justice? (Select all that apply.) Microsoft had to revise its licensing practices and grant usage rights to share its programming. Microsoft had to allow users to remove middleware products like web browsers. Microsoft could continue as before in competing with other companies without penalty. Microsoft could choose the oversight committee to ensure it complied with the decision. SUBMIT FOR GRADING
Microsoft had to revise its licensing practices and grant usage rights to share its programming. Microsoft had to allow users to remove middleware products like web browsers.
What was the original ruling on the US vs. Microsoft Corporation case by Judge Jackson? Microsoft was a monopoly and had to be split into separate hardware and software divisions. Microsoft did nothing wrong, but it still had to donate computers to schools as punishment. Microsoft was a monopoly, but due to its charitable donations, it could continue its business. Microsoft did nothing wrong and was just trying to compete in the marketplace.
Microsoft was a monopoly and had to be split into separate hardware and software divisions.
What is the definition of the Law of Variable Proportions? Output in the short run will change when one input is varied and others remain constant. As prices increase, the demand for goods and services decreases. Additional output of a product is created when one more unit of input is introduced. As prices increase, the supply for goods and services increases.
Output in the short run will change when one input is varied and others remain constant.
How does familiarity with prices affect the market? (Select all that apply.) It forces businesses to respond to consumer demand. It allows people the opportunity to negotiate. It leads to frequent changes in production. It makes allocating resources more efficient.
PPPPPPPPPPPPPPPPPPPPPPPPP It leads to frequent changes in production. It forces businesses to respond to consumer demand.
Which is a way that a rationing system fails? Businesses face more competition in the marketplace. Consumers are unable to determine where they should buy products. Participants often feel like they do not get a fair share. Governments have to determine the point of market equilibrium.
Participants often feel like they do not get a fair share.
The local power company is a natural monopoly. What does this mean for the consumer? Prices are regulated by the government to keep costs lower. The power company can set whatever rate it chooses. Consumers only have one choice even if there are several options. Upgrades to the system are paid for only by the power company.
Prices are regulated by the government to keep costs lower.
Goodwheel Tire Company discovered that the material it uses in its tires cause the tire to fail at high speeds. By law, what is Goodwheel required to do? Consumer sovereignty laws do not require Goodwheel to do anything because they suggest that the buyer and seller have no relationship once the good is purchased. Federal trade laws require Goodwheel to replace the tires if they have not been used. Buyer beware laws do not require Goodwheel to do anything because goods were purchased "as is." Public disclosure laws require Goodwheel to inform consumers as soon as possible.
Public disclosure laws require Goodwheel to inform consumers as soon as possible.
What are examples of government involvement in a mixed market economy? (Select all that apply.) Requiring steel, coal and oil companies to establish trade unions. Requiring drug companies provide a list of potential side effects. Requiring food companies to provide nutrition labels. Requiring car companies to provide information regarding gas mileage.
Requiring drug companies provide a list of potential side effects. Requiring car companies to provide information regarding gas mileage. Requiring food companies to provide nutrition labels.
Jill is going to buy a car. She wants to get a vehicle with a good safety record and high mileage to the gallon. She compares cars by visiting the manufacturers' websites. Which is true regarding Jill's approach? She is likely to receive accurate information from the manufacturers because laws require them to provide it. She will not find the information she wants on the manufacturers' websites, so she will have to find other resources. She cannot trust the manufacturers' information because they have an incentive to be dishonest. She can get the cars' safety information online, but the mileage is available only at the dealer.
She is likely to receive accurate information from the manufacturers because laws require them to provide it.
Which correctly demonstrates the law of demand? The Pizza Place increases the cost of a slice of pizza from $2.00 to $2.50. The number of slices sold in one day drops from 250 to 175. The Pizza Place increases the cost of a slice of pizza from $1.50 to $2.25. The number of slices sold in one day increases from 150 to 175. The Pizza Place increases the cost of a slice of pizza from $2.00 to $2.50. The number of slices sold in one day stays the same. The Pizza Place decreases the cost of a slice of pizza from $2.50 to $2.00. The number of slices sold in one day drops from 300 to 275.
The Pizza Place increases the cost of a slice of pizza from $2.00 to $2.50. The number of slices sold in one day drops from 250 to 175.
After four days, a company has sold only one of a new item, of which they have thirty in stock. What are its options? (Select all that apply.) The company can lower the price and wait for sales to increase. The company can offer a discount coupon with another purchase. The company can raise the price and only put two of the items out for display. The company can keep the price as is and berate the consumer.
The company can lower the price and wait for sales to increase. The company can offer a discount coupon with another purchase.
Ricky wants to buy a gaming console. He saves $300, but when he gets to the store, the price has gone up to $350. What signal is the price most likely sending to consumers? The demand for those consoles is high. The supply of those consoles is high. There is a price ceiling set on those consoles. There is a surplus of those consoles available.
The demand for those consoles is high.
How do public disclosure laws benefit consumers? The laws require businesses to provide accurate details so that consumers can make informed decisions. The laws require businesses to offer information that allows consumers to get the best price. The laws require businesses to reveal information that will allow other businesses to compete with them. The laws require businesses to explain to consumers if they have been party to any lawsuits regarding their product.
The laws require businesses to provide accurate details so that consumers can make informed decisions.
When businesses across an industry increase the price of a good, which could be true regarding market equilibrium? The market has not reached equilibrium and a price adjustment will help prevent a shortage. There is a surplus of goods available, so a price adjustment will help the market reach equilibrium. There is a shortage of resources, so a price adjustment will help the businesses avoid equilibrium. The market will reach equilibrium once all of the businesses implement the price increase.
The market has not reached equilibrium and a price adjustment will help prevent a shortage.
Which is an example of the law of supply? The price of a product increases, resulting in a decrease in supply. The price of a product increases, resulting in a shortage. The price of a product decreases, resulting in a decrease supply. The price of a product decreases, resulting in a surplus.
The price of a product decreases, resulting in a decrease supply.
Which is an example of the law of demand? The price of a product increases, resulting in a decrease in demand. The price of a product decreases, resulting in a surplus. The price of a product decreases, resulting in a decrease in demand. The price of a product increases, resulting in a shortage.
The price of a product increases, resulting in a decrease in demand.
When demand for a product is high, what should be done to prevent a shortage in the short term? The price should be adjusted upwards. The price should be adjusted downwards. The production should be halted immediately. The production should be increased immediately.
The price should be adjusted upwards.
Which is the best way a consumer can measure inflation over time? There is a general increase in prices on the majority of products and services that consumers use. There is a general increase in prices on some of the products and services that consumers use. There is a general decrease in prices on some of the products and services that consumers use. There is a general decrease in prices on the majority of products and services that consumers use.
There is a general increase in prices on the majority of products and services that consumers use.
When businesses across an industry increase the price of a good, which could be true regarding market equilibrium? There is a shortage of resources, so a price adjustment will help the businesses avoid equilibrium. The market has not reached equilibrium and a price adjustment will help prevent a shortage. There is a surplus of goods available, so a price adjustment will help the market reach equilibrium. The market will reach equilibrium once all of the businesses implement the price increase.
There is a surplus of goods available, so a price adjustment will help the market reach equilibrium.
What occurs when governments increase the minimum wage? There is a surplus of labor. The market reaches market equilibrium. There is an increase in consumer demand. There is a shortage of labor.
There is a surplus of labor.
A company's production is growing. Each additional variable produces more units. This company is in which stage of production? They are between stage one and stage two. They are in stage one. They are in stage two. They are between stage two and stage three.
They are in stage one.
A company's production is slowing. Each additional variable produces more units but at a decreasing rate. This company is in which stage of production? They are in stage two. They are between stage two and stage three. They are between stage one and stage two. They are in stage one.
They are in stage two.
Why do suppliers offer more for sale when prices are high? They are motivated by profit and see an opportunity to make money. They actually offer more for sale when prices are low and demand is high. They do not respond well to price signals and do not realize they should exit the market. They want to offer a product at a lower price and beat the competition.
They are motivated by profit and see an opportunity to make money.
What roles do unions play in business today? (Select all that apply.) They ensure fair wages and benefits for employees. They ensure safe working conditions for employees. They fund research studies that investigate working conditions. They oversee the accounting practices of companies listed on NASDAQ.
They ensure fair wages and benefits for employees. They ensure safe working conditions for employees.
What is the relationship between price and demand? They move in opposite directions. They move in parallel directions. They move in an upward direction. They move in a downward direction.
They move in opposite directions.
What is the relationship between price and supply in the law of supply? They move in the same direction. They both have regular annual cycles. They move in opposite directions. They both need government regulation.
They move in the same direction.
What is true of geographic monopolies? They often exist in areas where the customer base is small. They are usually broken up when new technology is introduced. They are prohibited by government regulation. They usually involve scarce natural resources.
They often exist in areas where the customer base is small.
Why did workers join forces? They sought a more powerful voice and legal leverage when negotiating with companies. They sought to align their interests with those of the industrialists. They desired government intervention to prevent surplus exhaustion. They wanted to address their legal troubles on a publicly acknowledged platform.
They sought a more powerful voice and legal leverage when negotiating with companies.
Which is a benefit of oligopolies? They tend to keep prices stable. They encourage competition. They are controlled by the public. They stimulate innovation.
They tend to keep prices stable.
What is the difference between marginal product and total product? Total product is defined as the total output of a firm, whereas marginal product is defined as the change in output when a firm introduces one more unit of input. Total product is defined as the firm's net revenue, whereas marginal product is the total gross profit of a firm before taxes are withheld. Total product is defined as the total gross profit of a firm before taxes are withheld, whereas marginal product is the firm's net revenue. Total product is defined as the change in output when a firm introduces one more unit of input, whereas marginal product is defined as the total output of a firm.
Total product is defined as the total output of a firm, whereas marginal product is defined as the change in output when a firm introduces one more unit of input.
Which supports the idea that unions are essential in a free market? Unions provide a way to support workers' rights, fair wages and workplace safety. Unions provide campaign contributions to politicians, who can pass laws to help workers. Unions help ensure that workers have jobs even when the economy is entering a recession. Unions can provide better service to workers because they understand industry better than the government.
Unions provide a way to support workers' rights, fair wages and workplace safety.
What happens to demand when prices increase? When prices go up, demand goes down. When prices go up, demand goes up. When prices go up, demand does not change. When prices go up, demand causes a shortage.
When prices go up, demand goes down.
What happens to supply when prices increase? When the price goes up, supply does not change. When the price goes up, supply goes down. When the price goes up, supply is short. When the price goes up, supply goes up.
When the price goes up, supply goes up.
How do you calculate the mode? You find the data point that occurs most often. You find the data point that occurs least often. You find the data point that is the greatest. You find the data point that is the least.
You find the data point that occurs most often.
What is demand elasticity? a measure of the shift in the demand curve after a price change a measure of the usefulness of a product for consumers a measure of the value of a product in the marketplace a measure of the impact a price change has on demand
a measure of the impact a price change has on demand
What would happen if the price of a product remained low even though demand for the product was very high? a shortage market equilibrium increased production a surplus
a shortage
Which are considered white-collar occupations? (Select all that apply.) architect teacher plumber electrician
architect teacher
The local electronics store advertises a television at a discount price to draw in customers. When they ask for the product, it is unavailable, but a higher priced item is offered. What is being described? bait and switch price-fixing price discrimination advertised price
bait and switch
Microeconomics is the branch of economics that is concerned with _[blank]_. Which most accurately completes the sentence? behavior and decision-making of large-scale general economic factors the increase in usefulness or satisfaction received from acquiring an additional unit of a product behavior and decision-making of small units the decrease in usefulness or satisfaction received from acquiring an additional unit of a product
behavior and decision-making of small units
Who benefits when a market reaches equilibrium? both suppliers and consumers neither suppliers nor consumers consumers suppliers
both suppliers and consumers
What can change the demand for goods and services? (Select all that apply.) changes in income changes in prices of related goods tastes and preferences unequal income distribution
changes in prices of related goods tastes and preferences
What type of market involves the trade of raw materials such as gold, oil, and corn? commodity market grocery market bond market stock market
commodity market
What is a measure that demonstrates how consumers respond to changes in the price of goods and services? demand elasticity unit elasticity law of demand law of diminishing returns
demand elasticity
What is a measure that demonstrates how producers respond to changes in the prices of products and services? elastic supply equilibrium price market equilibrium law of supply
elastic supply
What are the Three Stages of Production? (Select all that apply.) increasing returns diminishing returns negative returns marginal returns
increasing returns diminishing returns negative returns
What is the rise in the general level of prices on goods and services over time called? inflation depression deflation recession
inflation
If the price of a product becomes too expensive, then the demand for it decreases. Which economics concept is this? law of demand law of production law of income law of supply
law of demand
Which economics concept states that price and quantity of demand have an inverse relationship? law of demand law of microeconomics law of supply law of macroeconomics
law of demand
According to the law of demand, what increases the demand in the marketplace? lower prices lower quality more supply more choices
lower prices
What are ways a company can increase its market share? (Select all that apply.) lower prices improve products fire employees decrease products
lower prices improve products
A big-box store purchases 90 saws and charges $50 each. After one week, they have not sold any saws. What could the store do? lower the price to see if consumers will buy any keep the price the same and wait it out raise the price to see if consumers will buy any give the unsold items to their competitor SAVE/CHECK ANSWERS
lower the price to see if consumers will buy any
This economic concept exists whenever there is an exchange of goods and services between two entities. Which is most accurately described in the sentence? market monopoly inflation oligopoly
market
A store orders twenty-two items from the manufacturer and sells twenty-two items. What economic condition is this? market equilibrium market upswing market downturn market crash
market equilibrium
What is a condition in which prices are stable and the quantity of the products supplied is equal to the amount of consumer demand? market equilibrium market crash market uncertainty market cost
market equilibrium
Emilio is starting a business similar to two others in the neighborhood. His price will be similar to those already established with a regular supply chain. The economy is currently steady and customers know what to expect in the business he is opening. Which factors does Emilio need to focus on to do well? (Select all that apply.) market share competition employee satisfaction pay scale
market share competition
The exclusive control of the supply or trade in a product or service is identified as what? monopoly oligarchy monarchy oligopoly
monopoly
The Law of Demand states that _[blank]_. Which most accurately completes the sentence? more will be purchased at low prices than at high ones less will be purchased at low prices than at high ones all people have the ability, desire, and willingness to buy approximately the same amount will be purchased at low prices than at higher prices
more will be purchased at low prices than at high ones
How does a company entice the consumer to buy more using marginal analysis? (Select all that apply.) offering a buy one, get one free sale giving away a prize with each purchase raising the price on the initial purchase charging extra tax on a discounted item
offering a buy one, get one free sale giving away a prize with each purchase
Which product is most likely to have elastic supply in the short run? diamond ring candy MP3 player oil
oil XXXXXXXXXXXXXXXX diamond ring XXXXXXXXXXXXXXXX
A business situation in which a specific market segment is controlled by a group—typically two to ten businesses--is known as what? oligopoly monopoly oligarchy monarchy
oligopoly
Which business is likely to have a surplus of goods? one that sets prices high one that does not produce enough one that offers discounted goods one that offers coupons
one that sets prices high
Which action by the US government is most likely to promote competition? instituting price controls to ensure that products are available for all taking ownership of and redistributing the means of production preventing companies from sending jobs overseas passing antitrust legislation to prevent monopolies from forming
passing antitrust legislation to prevent monopolies from forming
Barring prices from exceeding a certain maximum is an example of which economics concept? price ceiling price floor deflation inflation
price ceiling
Raul has paid the same amount for his apartment for twenty years. This is an example of which economics concept? price fixing price floor price discount price ceiling
price ceiling
Guaranteeing profit for the retailer is an example of which economics concept? price floor deflation price ceiling inflation
price floor
According to the video and economists, what are some factors in supply-side economics? (Select all that apply.) price of the product lower income taxes availability of product salary of workers
price of the product lower income taxes
All of the dry cleaners within 50 miles charge the same price for services. They meet each week to ensure every store is following along with the collusion. What is being described? price-fixing bait and switch taxation unit pricing
price-fixing
Monopolistic competition is separated from pure competition by _[blank]_. Which best completes the sentence? product differentiation profit maximization collusion imperfect competition
product differentiation
What are the primary reasons for a market to fail? (Select all that apply.) resource immobility of land, capital, and labor inadequate competition among firms inadequate information about markets among consumers and sellers increased burden on firms to differentiate their products due to free trade
resource immobility of land, capital, and labor inadequate competition among firms inadequate information about markets among consumers and sellers
In economics, what is the definition of margins? the ability to identify and observe certain limits the ability to buy stock cheaply and pay for the rest later the border around a country on a map or globe the edge of an economics textbook that you are using
the ability to identify and observe certain limits
What is marginal cost? the cost to produce one additional unit the costs that change based on the number of units produced the costs that do not change regardless of the number of units produced the cost when taxes are taken into account SAVE/CHECK ANSWERS
the cost to produce one additional unit
What does the minimum price of an item reflect? the lowest price that will cover the costs of production the highest price the consumer will pay the highest price a company can charge the lowest price the consumer will pay
the lowest price that will cover the costs of production
Adding a series of numbers and dividing the sum by the total number of items will supply you with what? the mean the matrix the median the mode
the mean
A monopoly's prices are determined by _[blank]_. Which most accurately completes the sentence? the monopoly perfect competition competing firms market equilibrium
the monopoly
William is looking to track sales at various stores. The price, color, and size of the item being tracked are the same at each store. Which is the dependent variable? the store the price the color the size
the store
A single cable company that buys up all other cable companies to reduce competition and raise prices is known as what? trust oligopoly corrupt antitrust
trust
When is an increase in demand most likely? when income goes up after a tax cut when consumers lose interest in a product when government debt is reduced to below 30% of GDP when businesses raise prices to reach equilibrium
when income goes up after a tax cut
When is a product likely to have elastic supply? when the production of a product is dangerous when production of a product is easy to replicate when production of a product is difficult to replicate when production of a product is the result of a monopoly
when production of a product is easy to replicate
In the realm of economics, how is labor defined? (Select all that apply.) work that people do to earn money to purchase goods or services workforce hired by companies and businesses automated work performed by computers and machines consumption of natural resources during the production process
work that people do to earn money to purchase goods or services workforce hired by companies and businesses
