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Unit 3 Economics
The yellow point can be said to
If demand increases, a firm will
Unit 3 Economics
30 terms
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StudBud Administration
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Chapter 6.1 Price and Ch. 7 Markets
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
If demand increases, a firm will
raise prices
lower prices
ignore price ceilings
create mergers
2
The yellow point can be said to
satisfy buyers only
satisfy buyers and sellers
require government intervention
satisfy sellers only
3
What happens when there's a surplus?
Economies of scale occur
Price stays the same
Price goes down
Price goes up
4
Market forces will push price
until price snaps and fights back
away from equilbrium
towards a monopoly
towards equilbrium
5
Which best describes what's shown in the graph?
Costs decrease as output increases
Costs rise as output increases
Price and costs are closely related
Price rises as output decreases
6
The yellow point represents
equilibrium price
disequilibrium
an excess of demand
a price ceiling
7
Antitrust laws
encourage competition
deregulate markets
create mergers
can't be trusted
8
The graph shows which two variables?
output only
cost and output
price and output
price only
9
For a sock factory, startup costs include
salaries for factory workers
advertising for socks
tester feet
equipment to make socks
10
The graph shows
rising costs
the effects of regulation
an economy of scale
perfect competition
11
What happens when there is excess supply?
Cartels form
Patents are issued
Price goes down
Price goes up
12
What happens when there's a shortage?
Monopolies are allowed
Price goes up
Price goes down
Price floors are created
13
The y axis shows different
output levels
prices
costs
demand
14
Equilibrium prices satisfies
no one
buyers only
sellers only
buyers and sellers
15
Barriers to entry do what to competition?
borrow competition
create mergers
decrease competition
increase competition
16
Economies of scale are often found in
monopolistic competition
caves
oligopolies
monopolies
17
Price floors ensure
fair trade
a maximum price
a minimum price
monopolistic competition
18
Price ceilings are used to
Regulate monopolies
Make essential goods less desirable
keep essential goods affordable
make luxuries more expensive
19
Patents and copyrights are a form of
oligopoly
competition
demand
monopoly
20
What happens when there's excess demand?
Price goes down
Price goes up
Government regulates the market
Suppliers leave the market
21
Nonprice competition includes
price controls
discounts
a good location
coupons
22
Monopolistically-competitive firms sell
surplus goods
identical goods
goods that are similar but differentiated
fewer goods than monpolies
23
Patents do what?
limit competition
reward students
encourage research and development
protect consumers
24
If demand decreases, a firm will
raise prices
ask for government intervention
ignore price floors
lower prices
25
A shortage tells a seller
discounts are necessary
they should not trust buyers
government intervention is needed
buyers will pay more
26
The red line represents
a cost-benefit analysis
a supply curve
a demand curve
equilibrium price
27
When consumers buy exactly the amount sellers are willing to sell, price reaches
supply happiness
equality
disequilbrium
equilibrium
28
The x axis shows different
output levels
costs
competition levels
prices
29
The firm shown in the graph most likely
enjoys perfect competition
is a monopoly
sells a good with lots of substitutes
has a patent
30
The blue line represents
imperfect competition
a demand curve
perfect competition
a supply curve
