Unit Test — Unit test Answers

demand curvesupply curveequilibrium pointexcess supply

The point where supply and demand meet and prices are set is called

[BLANK]

The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how

Which factor most directly affects a furniture company's supply?

[BLANK]

This table shows the cost of producing ice cream for several manufacturers.Manufacturer Amount Produced CostThe Dairy 100 gallons $10 Ice Cream, Inc. 100 gallons $15 Frozen Treats 150 gallons $12 Bob & Gary’s 125 gallons $15 Which manufacturer has the absolute advantage?

Which best describes the availability of substitutes in a monopoly?

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total profit the company earns after selling 100 boards?

A car dealer who does not have enough customers for a supply of new cars faces

When an oligopoly exists, how many producers dominate the market?

How might a drop in price for washing machines affect the demand for dryers?

[BLANK]

Supply and demand coordinate to determine prices by working

[BLANK]

Look at the graph examining the market for graphic T-shirts.

The Davis family grows organic vegetables to sell at a local farmer’s market. Which are factors that directly affect their profit? Check all that apply.an increase in the cost of farm equipmenta rise in demand for organic producean increase in customers at the marketa change in the market price for non-organic fruita sale on organic meats at the market

The chart compares the price of graphic T-shirts to the quantity demanded.

Which best describes how the government sanctions technological monopolies?