Which of the following determines if a supplier will make one of a product?

Marginal benefit exceeds marginal cost

Which of the following represents a monopoly?

One company controlling the market

Product X has a substitute that has a price decrease, what will be the result for product X?

Demand curve for X shifts to the left

Supply Curve is upward-sloping because

Increased prices motivate suppliers to produce more

Sin tax will cause what to the supply or demand curves?

the supply curve shifts to the left.

The Demand Curve is downward-sloping because

As prices decrease consumers are willing to buy more

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Foundation of Economics: 2019 Fall ACHS

20 termsStudBud Administration187 plays

Supply and Demand and such

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Questions 20

Answers

1
Most celebrated and most common way that humans deal with scarcity is with which
Price controls
Central planning by the government
Markets
Government regulation
2
Match Karl Marx to the following economic principle he founded
Communism
Pizza
Capitalism
Socialism
3
Which of the following determines if a supplier will make one of a product?
Utility exceeds the cost to produce
Marginal benefit exceeds marginal cost
Profit and cost are even
Cost exceed profits to produce one more a product
4
Which of the following represents a monopoly?
Two companies controlling the market
Donald Trump
One company controlling the market
Many companies controlling the market
5
Match Adam Smith to correct subject matter
Sociology
Psychology
Modern Economics
Journalism
6
Pair David Ricardo with the best match
Macroeconomics
Trade
Supply and Demand
Father of Capitalism
7
Product X has a substitute that has a price decrease, what will be the result for product X?
Demand curve for X shifts to the left
Supply curve for X shifts to the right
Demand curve for X shifts to the right
Supply curve for X shifts to the left
8
The law of diminishing returns is a result of which of the following?
Benefits exceeds Costs
Benefits and costs are balanced
Benefits motivate increased supply
Costs exceed returns
9
People determine their choices based off of the _________ that is provided to them?
Utility
Marginal benefit
Marginal cost
Incentives
10
This will not cause the demand curve for product K to change?
consumer taste
price change of substitute
price change to K
income
11
Same market, many differentiated products that are similar is an example of which?
Monopolistic competition
Monopoly
Pure competition
Sellers' Market
12
Refusing a benefit of the next best option
Marginal Benefit
Marginal Cost
Opportunity Cost
Marginalism
13
Supply Curve is upward-sloping because
Increased prices motivate suppliers to produce more
As the price increases, consumers demand more.
As the price increases, so do costs.
Due to shortages
14
Which is an example of Oligopoly
Pepsi and coke
apple and ford
lemonade stands
walmart and home depot
15
Sin tax will cause what to the supply or demand curves?
the supply curve shifts to the left.
the supply curve shifts to the right.
the demand curve shifts downward.
the demand curve shifts to the right.
16
Economics was a created subject because which of the following?
People’s choices
Unlimited wants and needs
Limited resources
Scarcity
17
The Demand Curve is downward-sloping because
As the price increases, consumers demand less.
As the price increases, so do costs.
As prices decrease consumers are willing to buy more
prices motivate suppliers to produce more
18
Farmers' Market is an example of which of the following?
Buyers' Market
Monopoly
Pure competition
Monopolistic competition
19
Florida can produce more pineapples, Ohio can produce more cupcakes what is this an example of?
Scarcity
Marginal Cost
Marginal Benefit
Comparative advantage
20
Which of the following are the most important to supply and demand model?
Prices
Supply
Demand
Incentives

Foundation of Economics: 2019 Fall ACHS Flashcards | StudBud