Determining Market Price — Unit test Answers

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22
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Supply and demand coordinate to determine prices by working

A
together.
B
competitively.
C
with other factors.
D
separately.
23
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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.
24

A reward or punishment that encourges people to behave in a certain way is called a(n)

A
want.
B
price ceiling.
C
equilibrium price.
D
incentive.
25

The lowest amount a manufacturer can pay factory workers is an example of

A
an incentive.
B
a price floor.
C
a price ceiling.
D
an elastic service.

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