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Economics Unit 2: Microeconomics Flashcards | StudBud
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Economics Unit 2: Microeconomics
Economics Unit 2: Microeconomics
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Answers
1
When Walmart can produce more goods than small mom and pop stores then they can sell at a lower price due to
restricted competition
elasticity
economies of scale
deregulation
2
Profit maximization occurs when marginal revenue equals
marginal cost
elasticity
total cost
total revenue
3
What is the name of Mr. Schoonover's children?
Evan and Mikayla
Caden and Brielle
Chris and Michelle
Thomas and Lily
4
The demand curve is downward sloping, illustrating the _______________ relationship between price and quantity demanded.
undefined
Inverse
positive
Direct
5
Which of the following would cause an increase of demand?
A decrease in the price of the product
A decrease in the price of a substitute
A decrease in the price of a complementary good.
A decrease in the number of sellers producing the product
6
Which of the following would cause an increase in supply?
inputs become less expensive
the number of sellers in the market decrease
taxes for producers increase
Capital goods break down improves production
7
What will happen in the market when a tax is placed on producers?
Demand will increase causing an increase in quantity, increase in price.
Supply will increase causing an increase in quantity, decrease in price.
Supply will decrease causing a decrease in quantity, increase in price.
Demand will decrease causing a decrease in quantity, decrease in price.
8
A price control set by the government that sets a legal maximum price on a good or service in a market is called a
surplus
price floor
price ceiling
shortage
9
Which scenario below best represents an oligopoly?
A local company wins a bid to be the sole phone and internet provider
Sofa Mart and Chairtopia together control 80% of the couch market
Hundreds of firms compete against one another to sell tomatoes
fast food restaurants open to compete with the many other restaurants
10
A decrease in the quantity demanded can be shown by
movement down, along the demand curve
a rightward shift of the demand curve
a leftward shift of the demand curve
movement up, along the demand curve
11
Which of the following is most likely an example of a variable cost?
managers salaries
rent
insurance
raw materials
12
The decrease in the price of cars results in an increase in the demand for motor oil. These two products are
substitutes
unrelated
replacements
complements
13
What teacher does not have a picture up in this classroom?
Koskinen
Desantis
P. Dawood
Ris
14
This occurs when quantity supplied is greater than quantity demanded:
shortage
elasticity
equilibrium
surplus
15
The Law of Supply states that a/an ______________ relationship exists between price and quantity supplied.
inverse
direct
simple
negative
16
A decrease in the price of a product would cause the following change
a decrease in the quantity supplied for a product.
an increase in the supply for a product.
a decrease in the supply of a product.
an increase in the quantity supplied for a product.
17
Marginal cost is calculated by
dividing change in total costs by change in quantity
dividing marginal revenue by marginal cost
dividing total cost by average cost
dividing fixed costs by variable costs
18
Which scenario below best represents a monopoly?
Sofa Mart and Chairtopia together control 80% of the couch market
A local company wins a bid to be the sole phone and internet provider
Hundreds of firms compete against one another to sell tomatoes
Two new fast food restaurants open to compete with the other restaurants
19
What type of market sells identical products?
Perfect Competition
Monopolistic Competition
Josh is protected from losing his personal assets in a suit of his company
Monopoly
20
Who won the 2024 Oscar for best picture?
Anatomy of a Fall
Barbie
Killers of the Flower Moon
Oppenheimer
21
An increase in innovative technology would cause the following change:
a decrease in the supply of a product.
a decrease in the quantity supplied for a product.
an increase in the quantity supplied for a product.
an increase in the supply for a product.
22
In which market structure are firms “price takers,” meaning they have no price control and accept the market price?
pure competition
oligopoly
monopolistic competition
monopoly
23
Big K soda is an inferior good. What will happen when consumers’ income decreases?
Demand for Big K will increase
Quantity demanded for Big K will increase.
Quantity demanded for Big K will decrease.
Demand for Big K will decrease
24
Which of the following would cause a decrease in supply?
Technology improves production
Input prices and wages increased
Two new producers enter the market
The government decreased taxes and regulations for producers
25
An increase in demand would be caused by which of the following?
An increase in the number of consumers
The price of the product increased
People expected the price of a product to decrease next month
Inputs became more expensive
26
A commercial or advertisement of sneakers that can make you run faster and jump higher would be an example of
non-price competition
elasticity
barrier to entry
price ceiling
27
The government places a subsidy on the production of face masks. This action would cause the following change:
a decrease in the supply of a product.
an increase in the quantity supplied for a product.
an increase in the supply for a product.
a decrease in the quantity supplied for a product.
