Which statements correctly explain price floors and price ceilings? Check all that apply. |
3-Price floors help producers by raising prices. 4-Price ceilings help consumers by lowering prices. 5-Effective price floors are set above equilibrium. 6-Effective price ceilings are set below equilibrium. |
Which statement best explains the role of producers in economics? |
A. Producers supply goods and services. |
If supply for a product is low but demand is high, what most likely needs to happen to achieve equilibrium? |
C. The supply needs to be raised. |
In which way do producers try to differentiate themselves in monopolistic competition? |
C. product features |
A possible result of disequilibrium is |
A. excess demand. |
The highest amount a landlord can charge for rent is an example of |
C. a price ceiling. |
What most likely will happen if the pie maker bakes a seventh pie? |
B. The marginal cost will most likely increase to $2.00 |
What most likely will happen if the pie maker continues to make additional pies? |
A. The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit. |
Look at the chart comparing the price of graphic T-shirts to the quantity supplied. |
D. supply schedule. |
Which quality best describes a producer with an absolute advantage? |
A. efficient |
Motherboards, Inc., manufactures computer parts. The company’s total revenue is |
D. the amount the company receives from the sale of all of its computer parts. |
According to the graph, the marginal cost begins to increase when the producer makes |
C. four pies. |
Excess supply is created when price or move away from the equilibrium point. |
quantity |
Which food truck has the absolute advantage? |
D. Lunch on the Go |
Equilibrium occurs when supply and demand coordinate to |
B. set prices and production. |
Unit Test Review Microeconomics
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