Unit Test Answers

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On a graph, an equilibrium point is where

a supply curve and a demand curve meet.

a supply curve is higher than a demand curve.

the supply and demand curves head up.

the supply and demand curves head down.

In the market, actions known as incentives affect

producers only.

consumers only.

consumers or producers.

neither consumers nor producers.

Which best describes how consumers may benefit from specialization?

Consumers can only purchase high-quality goods.

Consumers have more price options.

Consumers receive more sale offers.

Consumers find products at lower prices.

When discussing comparative and absolute advantage, which best describes specialization?

developing expertise in certain types of production

limiting the types of goods and services produced

targeting specific consumers and retailers

producing certain items for specific market segments

To generate higher profits, producers must work to

increase their total supply.

increase their total expenses.

decrease their customer base.

decrease their production costs.

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