Microeconomics — Test Answers

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Which is an example of a product that is considered a need?

sports equipment

music player

breakfast food

video game

Natural monopolies occur when one producer

is the only one authorized to produce a given product.

can meet the market’s entire demand.

creates unique products.

controls the method of production.

Profit equals the total amount of money made minus

prices.

revenue.

supply.

expenses.

On this graph, what does the green arrow represent?

an ineffective price ceiling set above equilibrium causing a surplus

an effective price floor set below equilibrium causing a shortage

an ineffective price floor set above equilibrium causing a surplus

an effective price ceiling set below equilibrium causing a shortage

According to the chart, the marginal revenue

increases by ten dollars as production increases.

decreases by ten dollars as production increases.

remains the same as production increases.

falls to zero dollars as production increases.

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