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Unit 3 - Microeconomics
What is the market clearing quantity according to the graph?
The diagram is called:
Unit 3 - Microeconomics
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microeconomics
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Questions
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Answers
1
The diagram is called:
Supply and Demand
Circular Flow
Production Possibilities Curve
Laugher Curve
2
What is the market clearing quantity according to the graph?
20
60
40
50
3
What would cause a shift from S1 to S3?
Consumer Taste
Input cost increases
Complimentary good
Number of consumers
4
When consumers have little change in demand even when there is a big change in price, demand is
Inelastic
Unit elastic
Elastic
Cross-price elastic
5
Which of the following in NOT one of the three forms of business organizations?
Partnership
Sole Proprietorship
Entrepresneurship
Corporation
6
What is one disadvantage of a sole proprietorship?
Difficult to set up
Unlimited liability
Complex legal structure
Large capitol investment
7
When the demand curve shifts left, what happen to P and Q?
P increases, Q increases
P increases, Q decreases
P decreases, Q increases
P decreases, Q decreases
8
What would cause the shift shown on the curve?
Decrease in the price of a complement
Government tax
Less consumer income
Number of sellers
9
Which term best describes a medium used in the exchange of good and services.
Bond
Money
Asset
Share
10
If the price of new cars decreases slightly, but demand increases greatly. This good is likely
Unit elastic
Perfectly inelastic
Elastic
Inelastic
11
This printing company just added a new printing press. What effect would this have on P and Q?
P decreases, Q decreases
P decreases, Q increases
P increases, Q decreases
P increases, Q increases
12
The conversion of resources to final good and services takes place:
7 to 4
2 to 5
4 to 2
5 to 7
13
What is the market clearing price for cereal according to the graph?
$4.00
$1.00
$2.00
$3.00
14
Labor flows from....
8 to 6
4 to 3
5 to 7
1 to 3
15
The greatest incentive for businesses and entrepreneurs is
Tax breaks
Profits
Company car
Customer Service
16
When the price of bread increases, what is the typical consumer response?
Qd remains constant
Qd increases
Qd stays the same
Qd decreases
17
If the price of cereal increases to $3.00 this will result in...
Gain
Surplus
Loss
Shortage
18
The area of the circular flow where the factors of productions are bought and sold.
Resource Market
Product Market
Business
Household
19
In which market structure does a firm have the GREATEST control over price?
Perfect Competition
Monopolistic Competition
Monopoly
Oligolpoly
20
Which market structure has many companies selling similar but NOT IDENTICAL products?
Monopoly
Monopolistic Competition
Perfect Competition
Oligopoly
