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Microeconomics — Test Answers

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21
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Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total revenue the company makes after selling 10 boards?

A
$400
B
$300
C
$350
D
$450
22
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This graph demonstrates how

A
the amount consumed greatly changes with the price.
B
the amount produced slightly changes with the price.
C
the amount produced greatly changes with the price.
D
the amount consumed slightly changes with the price.
23

According to the chart, the marginal revenue

A
decreases by ten dollars as production increases.
B
falls to zero dollars as production increases.
C
increases by ten dollars as production increases.
D
remains the same as production increases.
24

This chart shows the link between

A
interest in a product and the price a producer pays.
B
amount of a product and the price a consumer pays.
C
interest in a product and the price a consumer pays.
D
amount of a product and the price a producer pays.
25

What does "P" represent on the graph?

A
the point where equilibrium is achieved
B
the average price of goods sold
C
the point where supply and demand drop
D
the price at the equilibrium point

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