AnswersTX-Economics IC Summer 25-26Unit Test

Unit Test — Unit test Answers

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The graph shows a production possibilities curve for Sabrina’s Soccer. At which point on the graph are resources not used efficiently?

Question illustration
A
point A
B
point F
C
point X
D
point Y
2
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How can producers make the most profit? Check all that apply.They can work to increase their marginal cost.They can work to decrease their marginal cost.They can raise prices to increase marginal revenue.They can lower prices to decrease marginal revenue.They can keep marginal costs below marginal revenues.They can keep marginal revenues below marginal costs.

A
They can work to increase their marginal cost.
B
They can work to decrease their marginal cost.
C
They can raise prices to increase marginal revenue.
D
They can lower prices to decrease marginal revenue.
E
They can keep marginal costs below marginal revenues.
F
They can keep marginal revenues below marginal costs.
3

A pair of stylish sneakers could be considered a because it is not a necessity.

Answer:

want

4

On a graph, an equilibrium point is where

A
a supply curve and a demand curve meet.
B
a supply curve is higher than a demand curve.
C
the supply and demand curves head up.
D
the supply and demand curves head down.
5

Which best describes the availability of substitutes in a monopoly?

A
Price points vary.
B
There are no substitutes.
C
There are different brands.
D
Products have different features.
6

best

I
Incentives are mostly positive.
I
Incentives are mostly negative.
I
Incentives can be positive or negative.
I
Incentives are neither positive nor negative.
7

In an oligopolistic market, consumer choice is

A
nonexistent.
B
limited.
C
extensive.
D
infinite.
8

The point of maximum profit is the point at which the marginal cost equals the

A
marginal revenue.
B
market price.
C
total revenue.
D
production cost.
9

Which best explains how the law of demand affects consumers?

A
It helps consumers know when prices are going down.
B
It helps consumers know when prices are going up.
C
It helps consumers tell producers when prices are too high. ✓ Correct
D
It helps consumers tell producers when to make new goods.
10

Why is the automobile industry considered an oligopoly? Select all that apply.It offers little differentiation within the market.It has significant barriers to entry.It is controlled by companies that patent key technology.It relies on price variation to attract customers.It depends on brand loyalty and image to generate sales.It is dominated by a few key players.

A
It offers little differentiation within the market.
B
It has significant barriers to entry.
C
It is controlled by companies that patent key technology.
D
It relies on price variation to attract customers.
E
It depends on brand loyalty and image to generate sales.
F
It is dominated by a few key players.
11

In the market, actions known as incentives affect

p
producers only.
c
consumers only.
c
consumers or producers.
n
neither consumers nor producers.
12

Which helps enable an oligopoly to form within a market?

A
Costs of starting a competing business are too high.
B
The government restricts market entry.
C
The number of options in a market confuses consumers.
D
No competition exists between producers.
13

According to the law of demand, as prices decrease, the quantity demanded

A
decreases.
B
increases.
C
stays the same.
D
disappears.
14

Supply and demand coordinate to determine prices by working

A
together.
B
competitively.
C
with other factors.
D
separately.
15

What is the best definition of marginal cost?

A
the possible income from producing an additional item
B
the price of producing one additional unit of a good
C
the additional income gained from selling an additional good
D
the financial gain from business activity minus expenses
16

Products whose demand rises when another product’s price increases are called

s
substitute goods.
c
complementary goods.
e
elastic goods.
c
clearance goods.
17

All things being equal, when producers sell goods for a lower price, they make

A
more money.
B
the same amount of money.
C
less money.
D
as much money as the law allows.
18

MonopolisticPure competitionAn oligopoly

A
Monopolistic
B
Pure competition
C
An oligopoly
19

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20

Market saturation results from excess .

Answer not available

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