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Microeconomics — Test Answers

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All else being equal, which bakery has the absolute advantage?

A
The Bakeshop
B
Mrs. Track’s
C
Chips
D
Uncle John’s
24

Which events could cause the change in supply shown on this graph? Choose three correct answers.

A
A company begins to produce more goods.
B
A new company joins the marketplace.
C
A resource needed to produce more of the good has became scarce.
D
A producer goes out of business.
E
A natural disaster causes production to drop.
25

What most likely will happen if the pie maker continues to make additional pies?

A
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
B
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
C
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
D
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.

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