Due to too many recent questions having several errors, please be sure that you take your time and double check that answers are correct.

A market in which a few sellers produce all or most of the supply of a product is called __________.

a. an oligopoly.

b. an interlocking directorate.

c. a cartel.

d. a monopoly.

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Jerry is the owner of product X and the demand for product X has risen. To meet the high demand, Jerry lowered the price of product X which caused customers to buy more of it. From this scenario, which of the following occurred?

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a. Demand elasticity

b. An inelastic

c. A unit elastic

d. An adequate substitute

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The amount of a product offered for sale at all possible prices?

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a. demand

b. inelastic demand

c. supply

d. total expenditures

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New technology has no affect on supply but only demand.

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a. True

b. False

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All of the following have an affect on supply EXCEPT:

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a.Government regulations

b. Technology

c. Number of sellers

d. All of these affect supply.

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Which of the following would be the easiest to output in more supply, if there was a change in price?

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a. electricity

b. automobiles

c. potato chips

d. houses

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In the short run, which is the only one that can be changed?

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a. technology

b. land use

c. workers

d. machinery

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Which of the following changes can take place in the long run?

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a. labor force

b. machinery

c. technology

d. All of these can be changed in the long run.

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The sum of all fixed costs and variables is ________.

---

a. total cost

b. fixed costs

c. marginal cost

d. unit production

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Marginal cost will increase if total product increases.

---

a. True

b. False

 

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