AnswersTX-Economics IC Summer 25-26Unit Test

Unit Test — Unit test Answers

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41
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Who sets the price in a monopolistic competition?

A
producers and consumers
B
consumers only
C
government
D
producers only
42
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Consumer demand is defined as

A
how frequently the prices change.
B
the willingness and ability people have to buy a good.
C
how frequently the people are willing pay for something.
D
how often people want something delivered.
43

The graph shows a supply curve.Which change is illustrated by the shift taking place on this graph?

Question illustration
A
an increase in demand
B
a decrease in demand
C
an increase in supply
D
a decrease in supply
44

Standard of living is the level at which

A
producers sell certain goods.
B
consumers buy certain goods.
C
producers make desired goods.
D
consumers enjoy desired goods.
45

[BLANK]

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply
46

The graph shows the average household income for a community named Anytown. Anytown households that earn more than $75,000 tend to buy sports equipment, while households that earn less than $75,000 tend to buy TVs. Which new business would be most likely to succeed?

Question illustration
A
a car dealership
B
an electronics store
C
an office supply store
D
a sporting goods store
47

The chart shows the marginal cost of producing soccer nets for Sabrina’s Soccer. What is the marginal cost of producing a fifth soccer net?

Question illustration
A
$1.00
B
$1.50
C
$2.00
D
$2.50

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