Which of the following is not a determinant of demand?

Changes in the cost of productive resources

What is pure (perfect) competition?

Large number of sellers with no barriers of entry/exit

What is monopolistic competition?

Large number of sellers with a few barriers of entry/exit

Which of the following is not a determinant of Supply?

Changes in consumer expectations

A commodity is supplied by one firm

What is the purpose of a price floor?

To set the minimum price for a product

What is the purpose of a price ceiling?

To set the maximum price for a product

What is an oligopoly?

An industry is dominated by a small number of suppliers

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Microeconomics (Part 2)

20 termsStudBud Administration16 plays

Determinants of supply/demand, equilibrium, price floors/ceilings, competition, market/business structures, and externalities

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Questions 20

Answers

1
Which of the following is not a determinant of demand?
Changes in consumer expectations
Changes in related goods
Changes in the cost of productive resources
Changes in related goods
2
What is pure (perfect) competition?
An industry is dominated by a small number of suppliers
Large number of sellers with no barriers of entry/exit
Large number of sellers with a few barriers of entry/exit
A commodity is supplied by one firm
3
What is monopolistic competition?
An industry is dominated by a small number of suppliers
Large number of sellers with no barriers of entry/exit
A commodity is supplied by one firm
Large number of sellers with a few barriers of entry/exit
4
market power refers to a market failure resulting from the formation of a monopoly.
true
false
5
private property rights are protected by intellectual property rights
false
true
6
internalities are a type of market failure
false
true
7
redistribution of income comes from ...
taxes
income
FED
8
governments don't provide goods and services for shared consumption
false
true
9
A leftward shift of the supply curve represents?
A decrease in quantity
An increase in demand
A decrease in demand
An increase in quantity
10
Which of the following is not a determinant of Supply?
A change in government regulations
A change in the number of sellers
Changes in consumer expectations
Changes in producer expectations
11
What is a monopoly?
Large number of sellers with no barriers of entry/exit
A commodity is supplied by one firm
An industry is dominated by a small number of suppliers
Large number of sellers with a few barriers of entry/exit
12
What is the purpose of a price floor?
To set the maximum price for a product
To set the minimum price for a product
To show interactions between buyers and sellers
To redistribute income
13
What is the purpose of a price ceiling?
To sell land, labor, and capital to businesses
To set a minimum price for a product
To show the interactions between buyers and sellers
To set the maximum price for a product
14
externalities are a type of market failure
true
false
15
the government is responsible for the protection of private property rights
true
false
16
deregulation reduces government power in industry
true
false
17
What is an oligopoly?
An industry is dominated by a small number of suppliers
Large number of sellers with a few barriers of entry/exit
A commodity is supplied by one firm
Large number of sellers with no barriers of entry/exit
18
government regulations protect citizens from corporate abuse
false
true
19
"shared consumption" means goods and services are considered exclusionary
false
true
20
Who is the owner in a sole proprietorship?
Corporations
A single owner
A group of owners
Stockholders

Microeconomics (Part 2) Flashcards | StudBud