Unit 2 Test A

Demandschedule:all the various quantities demanded ofa particular product at all prices that might prevail in the market

Which of the following explains why a free market economy is more efficient than a centrally planned economy?

In a short run all possible variables are being accounted for.

The below is an example of what type of curve?

This below is an example of what type of demand elasticity?

How are price ceilings and price floors similar?

The below image is an example of what type of supply elasticity?

The Law of Demand states that more will be offered at higher prices than at lower prices.

What is likely to be the MAIN barrier to entry into the business shown here?

What of the following is not a question to ask to determine demand elasticity?

In the market represented in the graph below, if one of the firms doubled its output, what would happen to the price?

An example of inelastic supply would be Nuclear Energy.

At what point should the owners of a failing factory shut it down?

E-commerce is one of the fastest growing areas of business today.

The below is an example of what type of curve?

Tomatoes are _____?

Which characteristic of non-price discrimination is most likely the reason why people choose to buy this watch?

The below is an example of what type of supply elasticity?

Which of these factors causes a monopolistically competitive firm to have little control over the price of its product?

The following is an example of what type of demand elasticity?

Based on these graphs, which of the following BEST describes equilibrium?

Which of the following is not a factor for a change in demand?

The only thing that can cause movement along a demand curve is?

How many slices of pizza per day would you sell if it were pricing its slices at $3.50?

Which of the following is an example of a natural monopoly?

The below is an example of what type of supple elasticity?

Which of the following is generally true after a shift in supply or demand?

Which two market structures have relatively high barriers to entry?

The main advantage of firms with economies of scale is that

What kind of market structure does this pie graph illustrate?

A non-price determinant that could affect a products level of demand is consumer loyalty.

Which price / output points would be found on the market supply schedule used to create the market supply curve below?

The Law of Supply states that more will be offered for sale at higher prices.

The below is an example of what type of demand elasticity?

Gasoline in general is what type of elasticity?

This business operates in Grand Teton National Park. It MOST LIKELY has been granted