What do households receive from factor markets in the cycle diagram?(1 point)
factors of production*****
Goods and services
A) In what form do households receive labor income on a resource market?(1 point)
A) What does government get in the cycle diagram with government from factor markets? (1 point)
factors of production
Goods and services
A) When the price of a good or service increases, consumers buy less of that good or service, partly because consumers cannot afford the same quantity of a good or service at a higher price. This concept is known as _____. (1 point)
Other things being equal, effect
Law of Demand*******
A) An increase or decrease of which of the following factors would cause a shift in the demand curve for a given good? Choose the two correct answers. (1 point)
Number of sellers*****
price of related goods
Price of the goods*****
A) In a hypothetical country, the population is projected to increase by 25% after recent laws eased barriers restricting immigration. The new immigrants are expected to buy the same goods and services as the current population. Holding all other economic forces constant, how would this increase in population affect demand?(1 point)
shift the demand curves for all goods and services to the right
an upward movement along the demand curve*******
a downward movement along the demand curve
shift the demand curves for all goods and services to the left
A) Which of the following satisfy the law of delivery? Choose the two correct answers. (1 point)
A fall in price is followed by a fall in supply.*****
A price increase is followed by an increase in supply.
A drop in price is followed by a drop in quantity supplied.******
A price increase is followed by a decrease in the quantity supplied.
An increase in price is followed by an increase in the quantity supplied.
Use the table to answer the question.
Number of Workers Output (thousands) Fixed Cost ($) Variable Cost ($)
10 3 2000 100
20 5 2000 200
30 6 2000 300
What is the marginal cost of increasing production from 5,000 to 6,000 units?
Use the table to answer the question.
Number of Workers Spent Total Cost ($) Total Revenue ($)
1 40,000 50,000 400,000
2 48,000 100,000 480,000
3 52,000 150,000 520,000
Calculate the marginal product of labor associated with hiring a third worker.
A) A government official is proposing to tax plastic bag manufacturers at 10 cents per plastic bag. What impact would the tax have on the grocery bag market?(1 point)
The supply would decrease.
Demand would increase.
Demand would drop.****
The supply would increase.
A) Baseball cards are considered normal merchandise. This means that as consumers’ incomes increase, they are willing and able to purchase larger quantities of baseball cards. How would an increase in income be modeled in a plot of baseball card supply and demand curves?(1 point)
The supply curve would shift to the right.
The equilibrium point would move up the supply curve.*****
The supply curve would shift to the left.
The equilibrium point would move down the supply curve.
A) Movie tickets and popcorn are supplementary goods. The price of corn, a commodity used to make popcorn, has fallen in price. At the same time, the rise of home streaming services has prompted cinemas to scale back the number of films they offer. What is the result of these two events in the cinema ticket market?(1 point)
The market equilibrium price of movie tickets will definitely increase.
The market equilibrium quantity of movie tickets will definitely decrease.
The market equilibrium quantity of movie tickets will definitely increase.
The market equilibrium price of movie tickets will definitely decrease.******
A) A line of collectible dolls was very popular during the Christmas season but, as is the case with many toy fashions, declined sharply in the months that followed. A surplus of dolls now line the shelves of retailers across the country. What is likely to happen if the government does not intervene?(1 point)
The high price caused by an increasing demand will encourage manufacturers to decrease the amount of dolls shipped to the market.
The high price caused by an increasing demand will encourage manufacturers to increase the quantity of dolls shipped to the market.
The low price caused by a drop in demand will encourage manufacturers to reduce the amount of dolls shipped to the market.*******
The low price caused by a drop in demand will encourage manufacturers to increase the quantity of dolls shipped to the market.
A) Which of the following statements is generally true of a competitive free market economy?(1 point)
It can run itself without government intervention.
It depends on government intervention to function effectively. *****
A planning commission is needed to set prices.
It needs support to find its own balance.
Match the definition to the type of market structure.
Drag each item to the right place.
Enter the answers in the correct prompt to answer the question. Select an answer, navigate to the required input and paste the answer. Responses can be selected and pasted using the spacebar, enter, left mouse button or touchpad. Responses can also be moved by dragging with the mouse.
A market with significant barriers to entry and a single price-setting company. monopoly
A market with significant barriers to entry and few price-determining companies. oligopoly
A market without barriers to entry and with a multitude of price-taking companies. monopolistic competition
A market without entry barriers and with many price-determining companies. Perfect competition
A) In which of the following types of market structures is the highest product differentiation found? (1 point)
PLEASE HURRY, MY TEST IS DUE TOMORROW