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Economics - Unit 2 quiz review Flashcards | StudBud

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If the govt set the price of chocolate at $6/lb, which of the following best describes the effect of the price control?

What market structure does the letter “P” in the table represents?

Economics - Unit 2 quiz review

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Coach EOCT Lessons 7-9. #economics #microeconomics #supply #demand

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Questions 6

Answers

1
What market structure does the letter “P” in the table represents?
oligopoly
monopolistic competition
perfect competition
pure monopoly
2
If the govt set the price of chocolate at $6/lb, which of the following best describes the effect of the price control?
There would be a shortage of 20 pounds of chocolate
Producers of chocolate would want the price set at $4
There would be a surplus of 40 pounds of chocolate
Less chocolate would be demanded at $4 than at $6
3
If the government were to set the price ceiling at $10 for this market for movies, what would happen?
There would be a surplus of 800 movie tickets
The equilibrium price would increase
There would be a shortage of 800 movie tickets
The demand would shift to the right
4
Which of the following would cause the equilibrium price to move to $12?
consumers’ expectation about future becomes more positive
higher taxes for companies producing movie videos
producers’ expectations about future becomes more negative
the number of consumers in the market decreases
5
Which type of market structure is characterized by the largest number of firms?
pure competition
monopolistic competition
monopoly
oligopoly
6
All of the following can change the supply curve EXCEPT:
the expectation that prices are about to increase.
the number of sellers offering the product
a change in consumer tastes for the product.
the cost of labor.