The Market Economy (Part II): Question Preview (ID: 13142)


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An example of a fixed cost would be
a) supplies b) employees wages c) utilities d) rent
The opportunity cost of starting your own business is
a) equal to the amount of your business loan b) difficult to measure without using marginal costs c) equal to the amount you could have earned by choosing a different path d) based on your fixed and variable costs
Supply curve is displayed
a) Supply curve is displayed b) Demand curve is displayed c) Equilibrium price and quantity is displayed d) A shortage is displayed
At the equilibrium price, supply is
a) greater than demand b) at a minimum c) equal to demand d) at its highest point
Any amounts priced above the equilibrium are called
a) surplus b) shortage c) equilibrium d) marginal cost
The supply curve shows that the quantity produced of a good or service
a) increases as price decreases b) increases as price increases c) decreases as price increases d) is not affected by price
A company that controls all of a market
a) must compete for business b) cannot exist in a market economy c) has a monopoly d) has its good or service allocated by the government
The variable costs of a business
a) include interest on loans b) do not depend on the quantity of a good or service produced c) depend on the quantity of a good or service produced d) include insurance costs
Marginal cost measures the disadvantages of
a) a market economy b) a competitive market c) producing one additional unit of a good or service d) entrepreneurship
If a business has a sale, the prices would fall into which category?
a) surplus b) shortage c) equilibrium d) marginal cost
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