Government system to limit distribution of scarce goods:
  • Monopoly
  • Oligopoly
  • Rationing
  • Black market
Market where one firm controls all production:
  • Perfect competition
  • Oligopoly
  • Monopoly
  • Monopolistic competition
Highlighting product differences to attract buyers:
  • Collusion
  • Non-price competition
  • Price leadership
  • Product differentiation
When sellers agree to set prices or limit production:
  • Price leadership
  • Collusion
  • Product differentiation
  • Non-price competition
Demand increases when someone knows they will soon have their tax refund money:
  • Consumer tastes
  • Income
  • Market size
  • Consumer expectations
Supply decreases due to rising costs of materials to produce a good:
  • Competition
  • Price of resources
  • Producer expectations
  • Government taxes
Total revenue is:
  • Price × Quantity
  • Price + Quantity
  • Price × Time
  • Quantity × Time
If a town’s population shrinks, what happens to demand? Why?
  • Shifts right, market size
  • Shifts left, consumer expectations
  • Shifts right, tastes
  • Shifts left, market size
Ford expects steel prices to rise. What happens to car supply? Why?
  • Increases, competition
  • Decreases, producer expectations
  • Increases, taxes
  • Decreases, consumer expectations
Market with identical products and easy entry:
  • Oligopoly
  • Monopoly
  • Perfect competition
  • Monopolistic competition
Market with similar but differentiated products:
  • Monopoly
  • Oligopoly
  • Perfect competition
  • Monopolistic competition
Example of a product in an oligopoly:
  • Bananas
  • Blue jeans
  • Electricity
  • Soft drinks
Which is NOT an example of non-price competition?
  • Branding
  • Advertising
  • Taste differences
  • Lowering supply
Market with few sellers and high entry barriers:
  • Monopoly
  • Oligopoly
  • Perfect competition
  • Monopolistic competition
Monopoly that is most efficient for production (e.g., utilities):
  • Technological
  • Geographic
  • Government
  • Natural
U.S. Postal Service is what kind of monopoly?
  • Government
  • Natural
  • Technological
  • Geographic
Laws like the Clayton Antitrust Act aim to:
  • Prevent fair competition
  • Prevent monopolies
  • Support farmers
  • Eliminate taxes
What sets the price in perfect competition?
  • The government
  • Supply and demand
  • Monopolies
  • Non-price competition
High prices signal producers to:
  • Produce less
  • Produce more
  • Use fewer resources
  • Lower prices
Why does the government subsidize farmers?
  • To control prices
  • To eliminate competition
  • Because prices for agricultural products vary wildly
  • To prevent meeting equilibrium price
This part of the market determines DEMAND
  • buyers
  • sellers
  • suppliers
  • store owners
besides price, supply can shift due to factors that are known as --
  • price of resources
  • determinants of supply
  • demand
  • competition
Identify the correct determinant of supply:Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases
  • Cost of production/resources
  • Number of sellers
  • Change in expectations
  • Change in technology
Identify the correct determinant of supply in this scenario.When an automobile manufacturer implemented the use of robotics on the production line, automobiles were produced at a faster rate and at a lower cost per unit. This allowed the industry to supply more cars.
  • Government regulations
  • Technology
  • Number of sellers
  • Cost of Production
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