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Microeconomics Flashcards | StudBud
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Microeconomics
Microeconomics
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micro review
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15 cards
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Questions
15
Answers
1
What is the equilibrium price
2.00
1.00
.50
3.00
2
A company in which management and ownership are separate is what form of organization?
Partnership
Sole proprietorship
S-Corp
Corporation
3
Which way does labor go in the circular flow?
businesses to households in product market
households to businesses in factor market
businesses to households in factor market
Households to businesses in product market
4
If the government set a min price at $3, what would it be called and what would be the result?
Price Floor- Surplus
Price Ceiling- Surplus
Price Floor- Shortage
Price Ceiling- Shortage
5
In which market structure would you see a single seller, selling a unique product?
Oligopoly
Perfect Competition
Monopoly
Monopolistic Comepetition
6
Which of the following would result in an increase of demand?
Increase of unemployment
Increase in price
Increase of Consumers
Increase in supply
7
In which market structure would you find many small companies selling differentiated products?
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
8
Janice wants to start a business. She wants control over everything. What should she start?
Sole Proprietorship
Corporation
Partnership
S-Corp
9
If the government set a max price at .50, what would it be called and what would be the result?
Price Ceiling- Surplus
Price Floor- Shortage
Price Floor- Surplus
Price Ceiling- Shortage
10
If the price of apples rises, what will happen?
Demand will go down
Quantity Demanded will go down
Supply will rise
Demand will stay the same
11
In which market structure would you find many small companies selling identical products?
Oligopoly
Monopolistic Competition
Perfect Competition
Monopoly
12
In which market structure would you find several large firms dominating a market?
Monopoly
Monopolistic Competition
Perfect Competition
Oligopoly
13
If the price of gas rises 20%, but people still buy the same amount, demand for gas is?
Equal
Elastic
Inelastic
Fluctuating
14
Which would cause the shift shown in the graph? (Product is blueberries)
Good weather leads to bigger crop
government gives money to blueberry farmers
bad weather leads to smaller crop
new studies show blueberries good for you
15
What is a disadvantage shared by sole proprietorships and partnerships?
inability to specialize
little control over decision
unlimited liability
responsibility to stockholders
