Unit Test Review 2

19 October 2022
4.7 (114 reviews)
15 test answers

Unlock all answers in this set

Unlock answers (11)
question
A possible result of disequilibrium is
answer
excess demand.
question
The chart shows the marginal cost and marginal revenue of producing apple pies. What most likely will happen if the pie maker continues to make additional pies?
answer
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit.
question
A monopoly is a market that has
answer
a single supplier of a good or service.
question
Which quality best describes a producer with an absolute advantage?
answer
efficient
question
The graph is a marginal cost curve that compares expenses for producing apple pies. According to the graph, the marginal cost begins to increase when the producer makes
answer
four pies.
question
Motherboards, Inc., manufactures computer parts. The company's total revenue is
answer
the amount the company receives from the sale of all of its computer parts.
question
Excess supply is created when price or move away from the equilibrium point.
answer
quantity
question
Why is pure competition considered an unsustainable system?
answer
Producers cannot make a profit if they keep dropping their prices.
question
The highest amount a landlord can charge for rent is an example of
answer
a price ceiling.
question
Marginal shows how much money can be made if a producer sells one additional unit of a good.
answer
revenue
question
When prices drop below the point where supply and demand meet, it results in
answer
disequilibrium.
question
The chart shows a production possibilities schedule for Sabrina's Soccer. The schedule shows the of goods the business can produce.
answer
combonation
question
Look at the chart comparing the price of graphic T-shirts to the quantity supplied. This chart is an example of a
answer
supply schedule.
question
The chart shows the marginal cost and marginal revenue of producing apple pies. What most likely will happen if the pie maker bakes a seventh pie?
answer
The marginal cost will most likely increase to $2.00
question
Which statement best explains the role of producers in economics?
answer
Producers supply goods and services.