Comparative and Absolute Advantage — Unit test Answers
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The law of supply states that as the price of a good rises, the quantity supplied of that good
A
disappears.B
decreases.C
remains the same.D
increases.22
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The graph shows excess demand.Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?
A
As prices fall, quantity demanded goes up.B
As prices fall, quantity demanded goes down.C
As prices fall, quantity demanded stays the same.D
As prices fall, quantity demanded disappears.23
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
Which best describes how consumers may benefit from specialization?
A
Consumers can only purchase high-quality goods.B
Consumers have more price options.C
Consumers receive more sale offers.D
Consumers find products at lower prices.25
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.Did you find these answers helpful?
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