Microeconomics Concepts Exam Solution Guide Rated 100%
An increase in the market demand for gasoline in the present, all else equal, could be caused by - Answers a rise in peoples' income.
Which of these has the MOST effect on elasticity of supply? - Answers time to adjust
What type of competiti...
An increase in the market demand for gasoline in the present, all else equal, could be caused by -
Answers a rise in peoples' income.
Which of these has the MOST effect on elasticity of supply? - Answers time to adjust
What type of competition does this firm's promotion BEST reflect? - Answers non-price competition
Which of these would MOST LIKELY cause an increase in the price of an item? - Answers an increase in
the cost of raw materials for that item
According to this graph, what would the approximate equilibrium price be for widgets? - Answers $1.75
Of the terms listed below, which is the BEST synonym for the word "profit"? - Answers "earnings"
All of these would cause a shift to the left of the demand curve EXCEPT for - Answers increased money
supply.
This illustrates that one function of money is to be a - Answers medium of exchange.
To have demand, what must you have - Answers the desire and the ability to pay for the item.
A local business woman noticed that after she had paid all the costs of conducting her business that year
a substantial amount of money remained. What could she conclude? - Answers Her business had made a
profit.
In doing this, Leroy has become a(n) - Answers entrepreneur.
In a free enterprise system, what drives individuals to risk their savings in a business venture? - Answers
the potential for profit
What is the name of the point at which supply and demand intersect? - Answers equilibrium
How might a minimum wage law impact the supply and demand of workers? - Answers It might result in
a surplus of supply.
If the price for widgets was set at $4.25 - Answers producers would discover that the price should be
lowered.
Assuming that the graph follows the normal laws of economics, the line represents - Answers supply.
The new oven in Mr. Brown's bakery allows him to produce bread more efficiently and more cheaply.
What is the MOST LIKELY effect? - Answers the price drops and the quantity demanded increases
Which of these is MOST LIKELY a result of apartment rent controls? - Answers a shortage of apartments
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