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Q 1/30
Score 0
. A desire to buy a product is the only requirement needed for demand to exist.
30
true
false
Q 2/30
Score 0
Marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional
unit.
30
false
true
30 questions
Q.
. A desire to buy a product is the only requirement needed for demand to exist.
1
30 sec
Q.
Marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional
unit.
2
30 sec
Q.
A demand curve illustrates the quantity demanded at all possible prices at a given time
3
30 sec
Q.
A demand schedule is created from a demand curve.
4
30 sec
Q.
A supply curve is a graph that shows the various quantities supplied at a single market price.
5
30 sec
Q.
If producers expect lower prices in the future, they may withhold some of the supply.
6
30 sec
Q.
The Law of Variable Proportions states that in the short run, the output will not change as one production input is varied while the others remain constant.
7
30 sec
Q.
The production function describes the relationship of changes in output to different amounts of a single input while other inputs are held constant.
8
30 sec
Q.
An increase in output as each new input is added, as in the addition of a worker, describes Stage I of the stages of production.
9
30 sec
Q.
Fixed cost is the cost that a business incurs even if there are no employees and no production takes place.
10
30 sec
Q.
The number of items sold multiplied by the average price of each item yields the total revenue of a business.
11
30 sec
Q.
The Law of Supply states that suppliers will normally offer less for sale at higher prices and more for sale at lower prices.
12
30 sec
Q.
The market supply curve shows the quantities offered at various prices by all firms that offer the product for sale in a given market.
13
30 sec
Q.
An increase in the cost of inputs can cause the supply curve to shift to the left.
14
30 sec
Q.
The supply curve is likely to be elastic for products that can be made quickly without huge amounts of capital and skilled labor.
15
30 sec
Q.
The introduction of technology usually has no effect on supply.
16
30 sec
Q.
The mix of variable costs and fixed costs that a business faces affects the way the business operates.
17
30 sec
Q.
Marginal cost is the change in total revenue when one more unit of output is sold.
18
30 sec
Q.
The four important measures of cost are: total cost, fixed cost, variable cost, and marginal cost.
19
30 sec
Q.
The profit-maximizing quantity of output occurs when marginal cost is exactly equal to total revenue.
20
30 sec
Q.
Marginal analysis compares the additional benefits of an action to its additional costs.
21
30 sec
Q.
Economists often use an academic model to help analyze behavior and predict outcomes.
22
30 sec
Q.
Market equilibrium is the situation in which the quantity of output supplied is equal to the quantity demanded.
23
30 sec
Q.
The amount of a price change is affected by the elasticity of both the supply and demand curves.
24
30 sec
Q.
If the price of an item is too high in a competitive market, a shortage appears until the price goes down.
25
30 sec
Q.
. For most products and services, increased price results in
26
30 sec
Q.
. Because a modest price increase has little or no effect, the demand for the product is
27
30 sec
Q.
A business doubled the price of a product in order to increase profits. Which of the following scenarios might have occurred?
28
30 sec
Q.
An increase in the price of cameras results in a decrease in the demand for film. The two products are
29
30 sec
Q.
When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Demand for the product is
