Micro Test Review Question Preview (ID: 24180)


Micro Topics. TEACHERS: click here for quick copy question ID numbers.

Situation in which the quantity demanded is greater than the quantity supplied.
a) Shortage
b) Surplus
c) Supply
d) Demand

Situation in which the quantity supplied is greater than quantity demanded at the current price.
a) Shortage
b) Surplus
c) Supply
d) Demand

As the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity of that good or service supplied rises (or falls).
a) Shortage
b) Surplus
c) Supply
d) Demand

As the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises).
a) Shortage
b) Surplus
c) Supply
d) Demand

Is the price at which the quantity demanded by buyers equals the quantity supplied by sellers also called the market-clearing price. At the equilibrium price every buyer finds a seller and every seller finds a buyer.
a) Equilibrium Price
b) Equal Price
c) Price
d)

A business that one person owns is called a ____________________.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Franchise

A business that two or more individuals own and operate is known as _____________.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Franchise

A cost that does not vary depending on production or sales levels is known as____________ _____________.
a) Fixed Cost
b) Variable Cost
c)
d)

Business organization that is owned by many people, but is treated by law as though it were a person is known as____________.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Franchise

Stocks in __________________ are bought and sold in the stock market.
a) private companies
b) publicly traded companies
c)
d)

A market or industry is dominated by a small number of sellers
a) Oligopoly
b) Monopoly
c) Market Structure
d)

Complete control of the supply and demand of a good or service.
a) Monopoly
b) Oligopoly
c) Market Structure
d)

Number of consumers impacts both the supply and demand of a good.
a) True
b) False
c)
d)

Just because a toy is no longer wanted, does not mean it is not still in demand.
a) True
b) False
c)
d)

Over supply and under demand help lower the price at the pump.
a) True
b) False
c)
d)

OPEC is the only producer of oil in the world.
a) True
b) False
c)
d)

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