Econ Semester Review (Day 3)

Multiple Choice

The satisfaction gained from using one more unit of product

• Marginal Product

• Marginal Cost

• Marginal Revenue

• Marginal Benefit

Multiple Choice

The cost of making one more product

• Marginal Product

• Marginal Cost

• Marginal Revenue

• Marginal Benefit

Multiple Choice

This is equal to the price of a product or service

• Marginal Product

• Marginal Cost

• Marginal Revenue

• Marginal Benefit

Multiple Choice

Which of the following is a fixed cost? (click all that apply)

• rent

• water bills

• electric bills

• cost of plastic

Multiple Choice

How do producers cause shortages?

• set prices above the equilibrium

• set prices at the equilibrium

• set prices below the equilibrium

• set prices equal to demand

Multiple Choice

Many sellers offer similar, but not standardized products

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

Multiple Choice

Only one producer sells a product and there are no substitutes

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

Multiple Choice

Only a few sellers offer similar products

Standardized OR similar products

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

Multiple Choice

market structure that follows the laws of supply and demand

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

Multiple Choice

Negotiating on behalf of a group of laborers (Unions)

• union shop

• collect bargaining

• closed shop

• arbitration