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?
b. inelastic demand
d. total expenditures
New technology has no affect on supply but only demand.
All of the following have an affect on supply EXCEPT:
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?
c. potato chips
In the short run, which is the only one that can be changed?
b. land use
Which of the following changes can take place in the long run?
a. labor force
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.