MAN1107 PRETEST WK1 7-9

A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to:

• fluctuate randomly around its equilibrium value.
• decrease.
• remain constant.
• increase.

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different. 

• A monopoly
• Oligopoly
• Perfect competition
• Monopolistic competition

Today, the economic systems of most nations could most accurately be classified as: 

• mixed economies.
• pure socialism.
• pure capitalism.
• supply and demand economies.