Unit Test — Unit test Answers

The graph shows a supply curve.Which events could cause the change in supply shown on this graph? Check all that apply.A producer goes out of business.A natural disaster causes production to drop.A new company joins the marketplace.A company begins to produce more goods.A resource needed to produce more of the good has became scarce.

Which is likely to occur if there is a price increase for a good which exhibits elastic demand?

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 clothing store has ordered a new supply of jeans for the fall season and wants to sell off the remaining items from the previous spring. What action would the store owner most likely take?

Which best explains why a sole proprietor would want a partner?

Which quality best describes a producer with an absolute advantage?

Motherboards, Inc., manufactures computer parts. The company’s total revenue is

Which scenario is an example of market saturation?

increasesdecreasesstays the same

Which best describes the relationship between consumers and producers?

combinationpricesvalue

A possible result of disequilibrium is

A monopoly is a market that has

In which way do producers try to differentiate themselves in monopolistic competition?