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Unit 2 Economics PRE-Assessment Flashcards | StudBud

Explore/Unit 2 Economics PRE-Assessment

Unit 2 Economics PRE-Assessment

10 terms·StudBud Administration·165 plays

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Questions 10

Answers

1
How does a market change with easier business startups?
Increased transaction costs.
More consumer attraction.
increases competition.
offers higher-quality products.
2
What signals furniture makers to reduce production?
Increase in skilled workers.
Market competition introduction.
Decrease in raw material cost
Drop in consumer price willingness.
3
What influences supply?
Producers to produce
Advertisers to promote
Donors to contribute
Consumers to purchase
4
What happens to demand as price decreases?
Quality decreases.
Demand increases.
Production increases.
Wages decrease.
5
Which best defines market equilibrium in this situation?
Universal soap affordability.
Matching soap supply with consumer demand.
Soap price stability.
Manufacturer profit.
6
In an oligopoly, what is it called when the leading firm sets prices that others in the industry usually follow?
Collusion
Market dominance
Price leadership
Competitive pricing
7
What determines the equilibrium price?
Intersection of demand and supply curves.
Consumers reducing demand.
Stability of demand and supply.
Highest producer revenue
8
What's the term for how demand changes with price?
Schedule.
Revenue.
Elasticity.
Utility.
9
In which market structure do producers wield the most power?
Oligopoly.
Perfect competition.
Monopolistic competition.
Monopoly.
10
Why is competition among city restaurants an example of monopolistic competition?
Highest service to people ratio.
Distinctiveness of each restaurant.
High restaurant closure rates.
Expensive restaurant startup.