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- 1. Multiple Choice
If the demand of a product drops, you would expect the price of the product to...risestay the samego updecrease - 2. Multiple ChoiceWhich of the following terms describes the primary objective of any business?demandprofitsupplymoney
- 3. Multiple ChoiceThe equilibrium price is the price at whichproducers' total revenue is highestconsumers start reducing demanddemand and supply curves intersectneither demand nor supply will shift
- 4. Multiple ChoiceWhich of the situations best represents equilibrium?the price of milk does not change much from week to weekmilk production makes good profit for manufacturerseveryone who wants milk can afford itthe milk made equals the milk sold
- 5. Multiple ChoiceA shortage can also be referred to asa surplusan equilibriumexcess supplyexcess demand
- 6. Multiple Choicenew product+low introductory price+successful advertising=?shortagesurplusrationingequilibrium
- 7. Multiple ChoiceEconomists use a supply curve toshow the law of supply in chart formshow the law of supply in graph formshow the law of supply in table formshow the law of supply in a written description
- 8. Multiple ChoiceThe additional expense of producing one more unit of a product is calledmarginal costmarginal labormarginal productmarginal revenue
- 9. Multiple ChoiceTotal cost is the sum offixed and marginal costsmarginal costs and variable costsfixed, marginal and variable costsfixed and variable costs
- 10. Multiple ChoiceA city limiting the amount charged for rent is calledsetting an equilibrium pointsetting a minimum pricesetting a price ceilingsetting a price floor
- 11. Multiple ChoiceThe demand curve is plotted by using a product's....prices and qualitiesproduction costs and qualitiesprices and quantitiesproduction costs and quantities
- 12. Multiple ChoiceOn a curve, an increase in consumer income causes the demand curve tofluctuate both right and leftshift to the leftshift to the rightstay in the same position
- 13. Multiple ChoiceThe ease of changing production to respond to price changes determineshow regulated the business ishow expensive the product ishow elastic the product ishow much fixed costs are
- 14. Multiple ChoiceDemand can be changed byconsumer tasteproductivitythe number of productsthe number of competition
- 15. Multiple ChoiceAny price where the demand and supply are not equal is referred to as?surplusmarket equilibirummarket disequilibriumnone of the above
- 16. Multiple ChoiceWhat direction does supply/demand have to shift in order to affect an item's market price?only One Direction #bringback1Dup/downright/leftany
- Answer choicesTagsAnswer choicesTags