Unit Test — Unit test Answers

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Which statements correctly explain price floors and price ceilings? Choose four answers.

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?

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

Which best describes how specialized producers decrease their opportunity costs?

Equilibrium occurs when supply and demand coordinate to

The graph is a marginal cost curve that compares expenses for producing apple pies.According to the graph, the marginal cost begins to increase when the producer makes

Which quality best describes a producer with an absolute advantage?

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

This table shows the production possibility schedule for several major manufacturing companies in the automobile industry. Manufacturing CompanyTruck Parts Car PartsCompany A10 per hr.20 per hr.Company B10 per hr.25 per hr.Company C15 per hr.15 per hr.Company D20 per hr.25 per hr. Which manufacturing company has the comparative advantage for car parts?

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 continues to make additional pies?

The highest amount a landlord can charge for rent is an example of

This table shows the number of employees needed to fill lunch orders at several food trucks.Food Truck Number of Lunch Orders Number of Employees Frank’s Falafels 20 per hour 2 Kimchi Kim’s 25 per hour 3 Deli Delight 30 per hour 3 Lunch on the Go 25 per hour 2 Which food truck has the absolute advantage?

A chart that shows the connection between consumer demand and price is a