Microeconomics

Question 1

A factor that would cause the supply curve to shift to the left is

Accepted Answer

all of these

Question 2

This market is where businesses acquire the factors of production.

Accepted Answer

Factor Market

Question 3

Which explains why a supply line is upward sloping?

Accepted Answer

there is direct relationship between price and quantity

Question 4

Lotteries, characteristics, and first come first serve, are all methods commonly used to

Accepted Answer

allocate scarce resources

Question 5

The value of the next best alternative given up when a decision is made is called

Accepted Answer

opportunity cost

Question 6

This market is where goods and services are exchanged between consumers and businesses.

Accepted Answer

Product Market

Question 7

Public utility companies are examples of

Accepted Answer

natural monopolies

Question 8

Which of the following is the most common type of business organization?

Accepted Answer

Sole Proprietorship

Question 9

A market structure in which there is only one seller is known as a

Accepted Answer

monopoly

Question 10

Which statement describes the law of demand?

Accepted Answer

As prices rise, quantity demanded decrease

Question 11

When the income in households increases, what is the likely result?

Accepted Answer

demand curve shifts to the right

Question 12

In which type of market structure is abuse of market power least likely?

Accepted Answer

Perfect competition

Question 13

Which of the following is an advantage of Sole Proprietorship's?

Accepted Answer

all of these are advantages

Question 14

A factor that would cause the supply curve to shift to the right is

Accepted Answer

none of these

Question 15

Which provides the greatest incentive for entrepreneurs to take risks?

Accepted Answer

profits

Question 16

Which curve is being shown in the graph?

Accepted Answer

Demand Curve

Question 17

What is the market structure of the U.S. airline and automobile industries?

Accepted Answer

oligopoly

Question 18

When Delta airlines lowers its prices other airlines will most likely

Accepted Answer

lower their prices

Question 19

Which curve is being shown in the graph?

Accepted Answer

Supply Curve

Question 20

What determines the price and the quantity produced of most goods?

Accepted Answer

interaction of supply and demand

Question 21

When a company develops a new product, a price and quantity will be determined by

Accepted Answer

the interaction of buyers and sellers

Question 22

Which of the following is not a characteristic of Market Structures?

Accepted Answer

level of government regulation

Question 23

If the price of an item increases, demand for its substitutes

Accepted Answer

increases

Question 24

Mila says "as price increases, quantity demanded decreases." Mila is

Accepted Answer

correct

Question 25

What kind of market runs most efficiently when one large firm supplies all of the output?

Accepted Answer

natural monopoly

Microeconomics

Questions 25

Microeconomics

Questions 25