Unit 2 Test
Supply and Demand
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E-posta *
1. According to the law of demand *
2 puan
2.  If automobiles are a normal good and the price of    automobiles rises, then we should expect *
2 puan
3. Which of the following would NOT cause the demand curve for college football tickets to shift? *
2 puan
4. What do supply and demand curves have in common? *
2 puan
5. Suppose that the market for lima beans is in equilibrium.  Then the supply curve for lima beans shifts to the left.  As a result, the equilibrium price ________ and the equilibrium quantity will________. *
2 puan
6. Price ceilings are primarily targeted to help __________, while price floors generally benefit ____________. *
2 puan
7. The price elasticity of demand measures the *
2 puan
8. Butter and margarine are examples of *
2 puan
9. The reason companies lose money when they are not producing is because *
2 puan
10. Which of the following is not a requirement for a monopoly? *
2 puan
11. To protect ideas and encourage innovation, governments issue __________ to inventors which prohibit people from entering a market without paying the holder *
2 puan
12. Which of the following is NOT a problem associated with monopolies? *
2 puan
13. What is the incentive for producers in a free market? *
2 puan
14. If a person’s income increases and the demand for a good decreases, we know that that product is a(n) *
2 puan
15. Perfect Price Discrimination means that every customer *
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16. An Elasticity of greater than 1.0 is considered *
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17. An Elasticity of exactly 1 is considered *
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18. An Elasticity of between 0 and 1.0 is considered *
2 puan
19. Which of the following would result from an increase in price of a good if all other things remain constant? *
2 puan
20. The change in output by hiring one additional unit of labor is called the *
2 puan
21.  An increase in the price of a good with inelastic demand will lead to increased revenue. *
2 puan
22.  Supply measures the market of Producer’s willingness to provide goods at certain prices. *
2 puan
23.  The law of demand demonstrates an inverse relationship between price and demand for goods. *
2 puan
24.  A license is a government permission to enter a market. *
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25.  A cartel is a group of producers who strictly limit a market through collusion and agreements. *
0 puan
26.  Monopolies benefit consumers. *
2 puan
27.  French Fries and Ketchup are complements. *
2 puan
Figure 3-0
28. What point represents equilibrium in figure 3-0 (above) ? *
2 puan
29. In figure 3-0, if the government put in place a price ceiling at $100 for this product, At what point would production be set? *
2 puan
Figure 3 -1
30. By looking at Figure 3-1 (above), we can tell the demand for this item is *
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Figure 3-2
31. Which of the following could explain the movement from point F to point G in figure 3-2?  Assume that the good represented is an inferior good. *
2 puan
Figure 4-11
32. Figure 4-11 shows the demand curve for chicken.  Between points L and M the price elasticity is *
2 puan
Figure 5-12
33.  In Figure 5-12, if the monopoly is left unregulated, the company will have a profit of *
2 puan
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