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Study guide Microeconomics

Authored by Kristen Bibb

Social Studies

9th - 12th Grade

Used 18+ times

Study guide Microeconomics
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a disadvantage of both sole proprietorship and partnership?

unlimited life
unlimited liabilty
double taxation
resource management

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which form of business organization has the advantage of limited liability?

sole proprietorship
partnership
corporation
franchise

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The graph shows a(n) _________ in demand where the price and quantity both __________

increase, decrease
decrease. increase
decrease decrease
increase  increase

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The following graph illustrates a movement along the _______ or the law of _________

supply curve, law of marginals
demand curve, law of marginals
supply curve, law of supply
demand curve, law of demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to the graph, what was the original equilibrium price and quantity

$3, 30
$4, 100
$5, 85
$7,150

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of market runs most efficienctly when one large firm supplies all of the output?

natural monopoly

network

perfect competition

imperfect competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is monopolistic competition?

one company selling the identical product under different names

one company selling several different products under different names

a very few companies selling identical products

many companies selling similiar but not identical products

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