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Case Study: Starting a Business

If Sabrina’s Soccer makes 3 nets, how many balls can the company produce?
4
Based on the survey data, what will occur if a new pizza place opens?
It will help to satisfy the demand
How much profit does the company make from producing and selling four soccer nets?
109
At which level of production does the company make the least profit?
NOT the 3rd or 4th pair of cleats
Anytown households that earn more than $75,000 tend to buy sports equipment, while households that earn less than $75,000 tend to buy TVs. Which new business would be most likely to succeed?
an electric store
Market saturation results from excess_______
supply
At which point on the graph are resources not used efficiently?
Point Y
At which two points will Sabrina’s Soccer produce the most equal amounts of soccer balls and soccer nets?
Points C & D
Standards of living is the level at which
consumers enjoy desired goods
How can producers make the most profit?
1,3,6 Not Good combination
2,4,5
1,4,6
A survey of hobbies and purchases can help a producer?
assess demand to choose a business.
What is the marginal cost of producing a 5th soccer net?
$2.00
Sabrina’s Soccer produces soccer balls and soccer nets, which are sold at sporting goods stores. Which factors directly affect the company’s profit? Check all that apply
NOT 1,3,4
What is the difference between marginal cost and marginal revenue?
NOT Marginal cost is the money a producer earns from selling one more unit, while marginal revenue is the money a producer pays for making one more unit
Which statement correctly compares the two businesses?
In case will require less costly investment in labor, while Wrap up will require less capital in the long term
What is the difference between absolute advantage and comparative advantage?
Not Absolute advantage is the ability to sell a good or a service at a higher price than competitors. Comparative advantage is the ability to sell a good or service at a lower price than competitors.
Which statement correctly explains the chart?
NOT The opportunity cost of producing one soccer net is eight soccer balls
If the market for soccer balls is saturated and the market for soccer nets is open, which combination makes the most sense for Sabrina’s Soccer?
NOT D
Stan’s Sporting Goods is a competitor that can manufacture seven soccer balls out of a possible ten, if it makes one soccer net. Which statement correctly compares the two businesses?
Sabrina’s Soccer has a comparative advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower opportunity cost.

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