Unit Test Answers

A consumer might respond to a negative incentive by

Which of these best describes an opportunity cost?

Carmen wants to open her own coffee shop. She has narrowed down a list of wholesale retailers and their cost per pound of coffee beans. Whole Sale Company Cost per lb.Café con Leche$8.50Beans Brothers$7.50Colombian Co.$11.25Turkish Coffee Company$6.25Which company has the comparative advantage in cost per pound of coffee?

Which scenario is the best example of an opportunity cost?

The chart shows the marginal revenue of producing apple pies.According to the chart, the marginal revenue

The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?

In the United States, which type of industry is often considered part of an oligopoly?

Which helps enable an oligopoly to form within a market?

What is the difference between profit and revenue?

SovereigntyCompetitionOligopoly

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

Which is an example of a positive incentive for consumers?

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

Which best describes how the government enables government monopolies to exist?

How can producers maximize their profit? Check all that apply.They can work to increase their marginal cost.They can work to decrease their marginal cost.They can raise prices to increase marginal revenue.They can lower prices to decrease marginal revenue.They can keep marginal costs below marginal revenues.They can keep marginal revenues below marginal costs.

Which is an example of a negative incentive for producers?

Which best describes the availability of substitutes in a monopoly?

According to the law of supply, price and quantity move

Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises by 10%, and the quantity demanded falls by 20%.The fact that quantity demanded changed by more than the price change suggests that

What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?