Which of the following is true?

Buyers determine demand and sellers determine supply.

A hot summer in Pennsylvania would have what impact on the market for ice cream?

The demand curve would shift right.

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Unit II Review (Final Exam)

18 termsStudBud Administration245 plays

Reviewing Micro concepts to prepare for the final exam.

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
A market with a few sellers is called
an oligopoly
a perfectly competitive market
a monopoly
a monopolistically competitive market
2
An example of substitute goods would be
Peanut Butter and Jelly
Coke and Pepsi
Lacrosse stick and lacrosse ball
Televisions and tractors
3
What shift is pictured here?
Decrease in demand
Increase in demand
Increase in Supply
Decrease in Supply
4
An increase in the number of scholarships available would do what to the market for education?
decrease supply
decrease demand
increase supply
increase demand
5
As price increases, QS increases. This is an example of the
law of quantity supplied
law of supply
law of quantity demanded
law of demand
6
At a price of $4.....
There is a shortage of 80
There is a surplus of 80
There is a shortage of 100
There is a surplus of 100
7
Which of the following is true?
Buyers determine supply and sellers determine demand.
Buyers and sellers determine supply together.
Buyers determine demand and sellers determine supply.
Buyers and sellers determine demand together.
8
Ron loses his job (a loss of income), so he starts buying more sandwiches. Sandwiches are
a consumer good
tasty
a normal good
an inferior good
9
The market for avocados is an example of which market structure?
Oligopoly
Monopoly
Monopolistic
Perfect Competition
10
Which of the following is the best example of a monopoly?
local cable tv companies
a potato farmer
cement companies
a bakery in a large city
11
An example of complimentary goods would be
hamburgers and hot dogs
lawnmowers and automobiles
Coke and Pepsi
Spaghetti and Meatballs
12
According to the picture, the equilibrium p and q are
$3 and 70
$4 and 80
$2 and 60
$5 and 90
13
A monopoly is a market
with one seller
with few sellers
with one buyer
with many sellers
14
The side of the market that deals with willingness and ability to produce and sell is
competition
monopoly
supply
demand
15
A hot summer in Pennsylvania would have what impact on the market for ice cream?
The demand curve would shift left.
The supply curve would shift right.
The demand curve would shift right.
The supply curve would shift left.
16
The market for jeans is an example of which market structure?
Perfectly competitive
Oligopoly
Monopolistic
Monopoly
17
The point where the supply and demand curves intersect on a graph is called
an agreement
market utility
cohesion
equilibrium
18
At a price of $2......
There is a surplus of 50
There is a shortage of 100
There is a surplus of 100
There is a shortage of 50

Unit II Review (Final Exam) Flashcards | StudBud

Unit II Review (Final Exam)

18 termsStudBud Administration245 plays

Reviewing Micro concepts to prepare for the final exam.

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
A market with a few sellers is called
an oligopoly
a perfectly competitive market
a monopoly
a monopolistically competitive market
2
An example of substitute goods would be
Peanut Butter and Jelly
Coke and Pepsi
Lacrosse stick and lacrosse ball
Televisions and tractors
3
What shift is pictured here?
Decrease in demand
Increase in demand
Increase in Supply
Decrease in Supply
4
An increase in the number of scholarships available would do what to the market for education?
decrease supply
decrease demand
increase supply
increase demand
5
As price increases, QS increases. This is an example of the
law of quantity supplied
law of supply
law of quantity demanded
law of demand
6
At a price of $4.....
There is a shortage of 80
There is a surplus of 80
There is a shortage of 100
There is a surplus of 100
7
Which of the following is true?
Buyers determine supply and sellers determine demand.
Buyers and sellers determine supply together.
Buyers determine demand and sellers determine supply.
Buyers and sellers determine demand together.
8
Ron loses his job (a loss of income), so he starts buying more sandwiches. Sandwiches are
a consumer good
tasty
a normal good
an inferior good
9
The market for avocados is an example of which market structure?
Oligopoly
Monopoly
Monopolistic
Perfect Competition
10
Which of the following is the best example of a monopoly?
local cable tv companies
a potato farmer
cement companies
a bakery in a large city
11
An example of complimentary goods would be
hamburgers and hot dogs
lawnmowers and automobiles
Coke and Pepsi
Spaghetti and Meatballs
12
According to the picture, the equilibrium p and q are
$3 and 70
$4 and 80
$2 and 60
$5 and 90
13
A monopoly is a market
with one seller
with few sellers
with one buyer
with many sellers
14
The side of the market that deals with willingness and ability to produce and sell is
competition
monopoly
supply
demand
15
A hot summer in Pennsylvania would have what impact on the market for ice cream?
The demand curve would shift left.
The supply curve would shift right.
The demand curve would shift right.
The supply curve would shift left.
16
The market for jeans is an example of which market structure?
Perfectly competitive
Oligopoly
Monopolistic
Monopoly
17
The point where the supply and demand curves intersect on a graph is called
an agreement
market utility
cohesion
equilibrium
18
At a price of $2......
There is a surplus of 50
There is a shortage of 100
There is a surplus of 100
There is a shortage of 50