Test #3 - Microeconomics

Microeconomics is the study of…

• money and the stock market.

• the factors that influence income, wealth, and well-being.

• the market behavior of individual consumers and firms.

• the behavior and performance of an economy as a whole

In which market structure must sellers take whatever price the market determines?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

If not regulated by the government, which market structure has total price-setting power?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

In which market structure are sellers mutually interdependent?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is the term to describe people who use goods/services to satisfy their personal needs?

• Producers

• Manufactureres

• Consumers

• Customers

Which of the following is the tangible item?

• Hair cut

• Food

• Shoe shine

• Movie ticket

Which of the following is the service?

• Car wash

• Bottle of water

• Apple

• All of the above

Consumers compare what before making a choice?

• Needs and wants

• Cost and benefits

• Money and time

• Desires and necessities

Demand is the quantity buyers are ________________ and _______________ to buy at each possible price.

• hoping...planning

• considering...deciding

• willing...able

• none of these options

The demand curve is a(n) ________________ sloping line and shows quantity on the _______________ axis and price on the ________________ axis.

• downward, horizontal, vertical

• horizontal, horizontal, vertical

• vertical, horizontal, vertical

• upward, vertical, horizontal