Which graph’s shaded region shows the possible combinations of raw materials the company can buy? A) Graph 1 B) Graph 2 C) Graph 3 D) Graph 4
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Which of the following specifically refers to demand? The answer choices are: The producer side of any market Both the buyer and seller sides of any market The seller side of any market The buyer side of any market
How impactful was high shipping demand on customer questions?
When the substitution effect dominates, a person’s labor supply curve is vertical. is horizontal. slopes upward. slopes downward.
The cost of working one more hour is the lost output due to inefficiency. the hour of leisure that is given up. the wage earned.
The income effect measures how people’s choices change when they have more income. how people’s choices change when they have to work more. the impact of change in relative prices. the change in welfare when income rises.
Economists make economic predictions using: educated guesses based solely on their opinion. data about the economy from the past. information only about other nations. data about how outside economies allocate their resources.
Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25
In a market economy, there is a(n) _______________ relationship between the price of a good and the amount of that good buyers want to buy.
The basic proposition of the law of demand is that:
The concept of demand is best described as:
Studying economics best helps an individual determine how to achieve economic
Which best describes the role of a consumer?
Consumers influence producers because consumers supply
National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a seven-month period were as follows: Month Sales (000 ...
Maslow was mainly concerned with explaining how human needs motivate behavior.
Equilibrium quantity must decrease when demand: increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. increases and supply does not change, when demand does not change and supply increases, and ...
Changing prices to attract customers is most difficult in a: oligopoly market monopoly market purely competitive market monopolistically competitive market
A mixed market economy tends to exist under a communist government that provides little regulation. democratic government that provides some regulation. representative government that provides no regulation. socialist government that provides a lot of regulation.
In the long run, money demand and money supply determine A. the value of money and the real interest rate. B. the value of money but not the real interest rate. C. the real interest rate but not the value of money. D. ...
If the market for a product is broadly defined, then: Answer Options: A) there are few substitutes for the product and the demand for the product is relatively inelastic. B) there are many substitutes for the product and the demand for the product ...
The most important determinant of the price elasticity of demand for a good is: Answer Options: A) the definition of the market for a good. B) the share of the good in the consumer’s budget. C) whether the good is a necessity or a ...
Total revenue equals: Answer Options: A) change in price per unit times quantity sold. B) price per unit times quantity supplied. C) price per unit times change in quantity sold. D) price per unit times quantity sold.
If, in a competitive market, marginal benefit is less than marginal cost A) the net benefit to consumers from participating in the market is less than the net benefit to producers. B) the output is greater than the equilibrium quantity. C) the output ...
Economic efficiency in a competitive market is achieved when A) the marginal benefit equals the marginal cost from the last unit sold. B) consumers and producers are satisfied. C) economic surplus is equal to consumer surplus. D) producer surplus equals the total amount firms ...
Suppliers will be willing to supply a product only if A) the price received is at least equal to the additional cost of producing the product. B) the price received is less than the additional cost of producing the product. C) the price ...