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Questions and Answers
Which of the following is true about the market for cellphones?
Which of the following is true about the market for cellphones?
- Cellphones may be said to be perfectly competitive since they have homogeneous features. (correct)
- Cellphones are an example of a product with perfectly inelastic supply due to limited resources.
- Cellphones are an example of a product with inelastic demand due to constant technological changes.
- Cellphones are an example of a public good due to their widespread use.
- Cellphones are an example of a product with perfectly elastic supply due to high competition.
In an imperfect market, firms have:
In an imperfect market, firms have:
- Some degree of control over price. (correct)
- Complete control over price due to limited competition.
- Control over quantity but not price.
- No control over price due to high competition.
- No influence on market demand.
Which of the following statements about technological changes and supply is true?
Which of the following statements about technological changes and supply is true?
- Technological changes only affect the demand for goods.
- Technological changes always increase the supply of any good.
- Technological changes will not always increase the supply of any good. (correct)
- Technological changes have no impact on the supply of any good.
- Technological changes always decrease the supply of any good.
What is the relationship between equilibrium price and equilibrium quantity when changes in the market come from the demand side?
What is the relationship between equilibrium price and equilibrium quantity when changes in the market come from the demand side?
Which of the following is true about externalities?
Which of the following is true about externalities?
The law of supply says that price and quantity supplied are:
The law of supply says that price and quantity supplied are:
The minimum wage is an example of a:
The minimum wage is an example of a:
A market is an arrangement that brings the buyers and sellers of a particular good or service:
A market is an arrangement that brings the buyers and sellers of a particular good or service:
A floor price always results in a:
A floor price always results in a:
The market for cellphones may be said to be perfectly competitive since cellphones have:
The market for cellphones may be said to be perfectly competitive since cellphones have:
The law of supply says that price and quantity supplied are positively related.
The law of supply says that price and quantity supplied are positively related.
The minimum wage is an example of a ceiling price.
The minimum wage is an example of a ceiling price.
A market is an arrangement that brings the buyers and seller of a particular good or service together.
A market is an arrangement that brings the buyers and seller of a particular good or service together.
A floor price always results in a surplus.
A floor price always results in a surplus.
Equilibrium price and equilibrium quantity move in the same direction if changes in the market come from the supply side.
Equilibrium price and equilibrium quantity move in the same direction if changes in the market come from the supply side.
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