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Microeconomic Concepts

An increase in the market demand for gasoline in the present, all else equal, could be caused by
a rise in peoples’ income.
Which of these has the MOST effect on elasticity of supply?
time to adjust
What type of competition does this firm’s promotion BEST reflect?
non-price competition
Which of these would MOST LIKELY cause an increase in the price of an item?
an increase in the cost of raw materials for that item
According to this graph, what would the approximate equilibrium price be for widgets?
$1.75
Of the terms listed below, which is the BEST synonym for the word “profit”?
“earnings”
All of these would cause a shift to the left of the demand curve EXCEPT for
increased money supply.
This illustrates that one function of money is to be a
medium of exchange.
To have demand, what must you have
the desire and the ability to pay for the item.
A local business woman noticed that after she had paid all the costs of conducting her business that year a substantial amount of money remained. What could she conclude?
Her business had made a profit.
In doing this, Leroy has become a(n)
entrepreneur.
In a free enterprise system, what drives individuals to risk their savings in a business venture?
the potential for profit
What is the name of the point at which supply and demand intersect?
equilibrium
How might a minimum wage law impact the supply and demand of workers?
It might result in a surplus of supply.
If the price for widgets was set at $4.25
producers would discover that the price should be lowered.
Assuming that the graph follows the normal laws of economics, the line represents
supply.
The new oven in Mr. Brown’s bakery allows him to produce bread more efficiently and more cheaply. What is the MOST LIKELY effect?
the price drops and the quantity demanded increases
Which of these is MOST LIKELY a result of apartment rent controls?
a shortage of apartments
One difference between a manager and an entrepreneur is that an entrepreneur is willing to
take a financial risk.
Successful attempts to make the internal combustion engine more efficient in the 19th century resulted in an increase in the demand for
petroleum.
Which of these is the best economic definition of “pure competition”?
If a drug company is granted a patent on a new medication, which result is possible?
For an industry to be perfectly competitive, what must exist?
What is the relationship between quantity supplied and price?
How might firms engage in price competition?
Which scenario BEST represents monopolistic competition?
Which markets compete in non-price competition?
Which factor might cause an increase in the supply of a product?
In a market economy, why are businesses created?
Which choice does NOT describe a basic function of money?
If the supply of computer engineers increases at the same time that the demand for these workers decreases, what would be the MOST LIKELY effect on wages for these workers?
Which situation is the MOST LIKELY result of a price ceiling being set below the equilibrium price?
Money can be easily converted into goods or services. This is an example of which “function of money”?
Washboard mussels are found along Wisconsin’s portion of the Mississippi River. According to the diagram, equililbrium price occurred in which year?
If the percent change in quantity demanded is greater than the percent change in price, what is MOST LIKELY true?
Spi-Tech manufactures wooden handles for shovels. Which situation would MOST likely cause an increase in the supply of their handles?

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