All of these options are correct

If my income falls, I buy

less normal goods AND more inferior goods

The Law of Demand states

Price goes down; Quantity goes up

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Unit 2 Economics Review

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Questions 17

Answers

1
Which market structure is the easiest to enter?
Monopolistic Competition
Oligopoly
Perfect Competition
Monopoly
2
If your demand for a good is not sensitive to price change is referred to as
elastic
inflexible
flexible
inelastic
3
A substitute for butter is
margarine
bread
water
milk
4
Which could decrease supply of BMWs?
Workers go on strike
Buyers prefer Fords
Buyers income falls
The price of BMWs increases
5
The study of smaller units such as individual and business decisions as well as particular markets is referred to as
Marginal Utility
Macroeconomics
Microeconomics
Economics
6
For demand to exist, consumers must be
willing to buy
making a profit
willing and able to buy
able to buy
7
Total Revenue - Total Costs =
Nothing
Variable Costs
Profit
Fixed Costs
8
Which of the following does NOT change demand?
Income
tastes/trends
Related Goods
Technology
9
As price goes up, quantity goes up is the law of
demand
diminishing marginal utility
supply
10
Prices
link the consumer and producer
are neutral
All of these options are correct
are flexible
11
How many sellers are in a monopoly?
a few
Too many to count
None
one
12
If my income falls, I buy
less inferior goods
more normal goods AND less inferior goods.
less normal goods AND more inferior goods
more normal goods
13
The law that states the more you consume, the less useful each unit is (ex., first car compared to second car)
elasticity
supply
diminishing marginal utility
demand
14
The relationship between hotdogs and hotdog buns is that they are
substitutes
capital goods
inferior goods
complements
15
Hotels, restaurants, and bars are examples of
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
16
The Law of Demand states
Prices goes up; Quantity goes up
Price goes up; quantity stays the same
Price goes down; Quantity goes up
Price goes down; Quantity goes down
17
Social Media companies are an example of which market structure?
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly

Unit 2 Economics Review Flashcards | StudBud

Unit 2 Economics Review

17 termsStudBud Administration597 plays

Imported from external platform

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
Which market structure is the easiest to enter?
Monopolistic Competition
Oligopoly
Perfect Competition
Monopoly
2
If your demand for a good is not sensitive to price change is referred to as
elastic
inflexible
flexible
inelastic
3
A substitute for butter is
margarine
bread
water
milk
4
Which could decrease supply of BMWs?
Workers go on strike
Buyers prefer Fords
Buyers income falls
The price of BMWs increases
5
The study of smaller units such as individual and business decisions as well as particular markets is referred to as
Marginal Utility
Macroeconomics
Microeconomics
Economics
6
For demand to exist, consumers must be
willing to buy
making a profit
willing and able to buy
able to buy
7
Total Revenue - Total Costs =
Nothing
Variable Costs
Profit
Fixed Costs
8
Which of the following does NOT change demand?
Income
tastes/trends
Related Goods
Technology
9
As price goes up, quantity goes up is the law of
demand
diminishing marginal utility
supply
10
Prices
link the consumer and producer
are neutral
All of these options are correct
are flexible
11
How many sellers are in a monopoly?
a few
Too many to count
None
one
12
If my income falls, I buy
less inferior goods
more normal goods AND less inferior goods.
less normal goods AND more inferior goods
more normal goods
13
The law that states the more you consume, the less useful each unit is (ex., first car compared to second car)
elasticity
supply
diminishing marginal utility
demand
14
The relationship between hotdogs and hotdog buns is that they are
substitutes
capital goods
inferior goods
complements
15
Hotels, restaurants, and bars are examples of
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
16
The Law of Demand states
Prices goes up; Quantity goes up
Price goes up; quantity stays the same
Price goes down; Quantity goes up
Price goes down; Quantity goes down
17
Social Media companies are an example of which market structure?
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly