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Unit 3 Chap. 7 Microeconomics Quiz. Flashcards | StudBud
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Unit 3 Chap. 7 Microeconomics Quiz.
Unit 3 Chap. 7 Microeconomics Quiz.
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Unit 3, Chapter 7 Economics quiz on the basics of Microeconomics.
Flashcards
9 cards
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Questions
9
Answers
1
gas would be considored an elastic product
True
False
2
In a perfectly competitive market the price of a good is determined by the intersection of supply and demand curves.
False
True
3
where is Market Equilibrium on a graph?
the direct middle of the graph
when the supply and demand curve are parallel
When the supply and demand curve touch
potato
4
What is Supply
The Quantity of Goods that can be Supplied
The Quality of Goods Demanded
The Quantity of Goods Demanded
The Quality of goods that can be supplied
5
coffee would be considered an elastic product
True
False
6
What type of Elasticity is this?
Perfectly Inelastic
Elastic
Perfectly Elastic
Inelastic
7
Which of the following is a characteristic of a perfectly competitive market?
Entry into the market is easy
Products are differentiated
A few firms dominate the market
Firms are able to earn economic profits in the long run
8
The relationship between Supply and Demand is a(n)
Negative Relationship
Direct Relationship
Positive Relationship
Inverse Relationship
9
Demand Curves ALWAYS slope upwards.
True
False
