Elasticity and Incentives — Unit test Answers
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21
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Who sets the price in a monopolistic competition?
A
producers and consumersB
consumers onlyC
governmentD
producers only22
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The graph examines the market for graphic T-shirts.
A
A product becomes less popular and fewer customers purchase it.B
A product becomes more popular and more customers purchase it.C
A product sells out of stores and customers can no longer purchase it.D
A product is restocked on store shelves and is ready for customer purchase.23
In the United States, which type of industry is often considered part of an oligopoly?
A
electric companiesB
cell phone carriersC
mail delivery servicesD
denim companies24
Supply and demand coordinate to determine prices by working
A
together.B
competitively.C
with other factors.D
separately.25
Which calculation helps determine which producer has the absolute advantage?
A
Resources used multiplied by amount producedB
Amount produced divided by resources usedC
Amount produced minus resources usedD
Resources used divided by amount producedDid you find these answers helpful?
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