supply/demand markets multiple choice questions, economics homework help


Due to too many recent questions having several errors, please be sure that you take your time and double check that answers are correct.

A market in which a few sellers produce all or most of the supply of a product is called __________.

a. an oligopoly.

b. an interlocking directorate.

c. a cartel.

d. a monopoly.


Jerry is the owner of product X and the demand for product X has risen. To meet the high demand, Jerry lowered the price of product X which caused customers to buy more of it. From this scenario, which of the following occurred?

a. Demand elasticity

b. An inelastic

c. A unit elastic

d. An adequate substitute


The amount of a product offered for sale at all possible prices?

a. demand

b. inelastic demand

c. supply

d. total expenditures


New technology has no affect on supply but only demand.

a. True

b. False


All of the following have an affect on supply EXCEPT:

a.Government regulations

b. Technology

c. Number of sellers

d. All of these affect supply.


Which of the following would be the easiest to output in more supply, if there was a change in price?

a. electricity

b. automobiles

c. potato chips

d. houses


In the short run, which is the only one that can be changed?

a. technology

b. land use

c. workers

d. machinery


Which of the following changes can take place in the long run?

a. labor force

b. machinery

c. technology

d. All of these can be changed in the long run.


The sum of all fixed costs and variables is ________.

a. total cost

b. fixed costs

c. marginal cost

d. unit production


Marginal cost will increase if total product increases.

a. True

b. False

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