Unit 2 Test Answers
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Which statement best explains the role of producers in economics?
A
Producers supply goods and services.B
Producers purchase goods and services.C
Producers create theories about the market.D
Producers sell shares for companies in the market.43
Why are utilities, such as electricity and water, examples of natural monopolies?
A
The cost of production restricts competition in the market.B
There are limited natural resources to meet demand.C
Consumers only trust known companies to provide these essentials.D
There is no need for alternative options.44
The chart shows the marginal cost and marginal revenue of producing apple pies.What most likely will happen if the pie maker bakes a seventh pie?
A
The marginal cost will most likely decrease to $1.00B
The marginal cost will most likely increase to $2.00C
The marginal revenue will most likely decrease to $8.00.D
The marginal revenue will most likely increase to $12.00.Did you find these answers helpful?
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