Answers EconomicsThe American Market Economy

The American Market Economy — Test Answers

25 verified answers2 views

In economics, if a good is inelastic,

its supply or demand is too sensitive to price changes.

its supply or demand is not sensitive to price changes.

consumers have lost an interest in purchasing it.

producers have lost an interest in manufacturing it.

Profit equals the total amount of money made minus

revenue.

prices.

supply.

expenses.

Natural monopolies occur when one producer

can meet the market’s entire demand.

creates unique products.

controls the method of production.

is the only one authorized to produce a given product.

According to the law of supply, price and quantity move

from different points toward one another.

along a track in the same direction.

from the same point away from one another.

along a track in opposite directions.

Which best describes how the government sanctions technological monopolies?

by creating the technology itself

by issuing a patent for the technology

by authorizing one producer

by prohibiting others from entering the market

Did you find these answers helpful?

More from this Course