ECON - Unit 3 BOOM Question Preview (ID: 62010)


SSEMI1 - SSEMI3. TEACHERS: click here for quick copy question ID numbers.

Which type of market structure has many sellers, identical products, and buyers taking the market price?
a) pure (perfect) competition
b) monopolistic competition
c) a monopoly
d) an oligopoly

Malachi and Edgar have a product they would like to sell. They decide to share the risks and profits by forming an unincorporated business. The business organization that Malachi and Edgar have most likely formed is:
a) a partnership
b) a sole proprietorship
c) a corporation
d) ####

The organizers of the 2026 FIFA World Cup set ticket prices lower than the equilibrium price. The resulting price will create:
a) a price ceiling
b) a price floor
c) ###
d) ####

The intersection where supply and demand intersect is called:
a) the market clearing (equilibrium) price
b) the price ceiling
c) a market structure
d) the price floor

As minimum wage increases, the automobile industry is forced to pay higher wages to its employees. This will likely lead to:
a) a decrease in the supply of automobiles
b) an increase in the supply of automobiles
c) ###
d) ####

It is determined that Frosted Flakes has an ingredient that can cause high blood pressure. This will likely lead to:
a) a decrease in demand for Frosted Flakes
b) an increase in demand for Frosted Flakes
c) ###
d) ####

According to the law of supply... if the price of a good increases, the quantity of the good that sellers are willing and able to sell will:
a) also increase
b) decrease
c) stay the same
d) ####

According to the law of demand... if the price of a good increases, the quantity of the good that consumers are willing and able to buy will:
a) decrease
b) increase
c) stay the same
d) ####

The price of butter has greatly increased over the past three months. Therefore, many Americans have begun buying margarine instead of butter. In this example, butter and margarine are:
a) substitutes
b) complements
c) ###
d) ####

The circular flow of economics is a model to show the relationship between:
a) households and businesses
b) the government and corporations
c) the laws of supply and demand
d) citizens and foreign countries

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