Competition among buyers generally means:

• Higher product prices and fewer profits for sellers

• Lower product prices and fewer profits for sellers

• Higher product prices and more profits for sellers

• Lower product prices and more profits for sellers

What is the best definition of a rational self-interest choice?

• A quick choice that helps the person making the choice

• A sensible choice that best serves the person making the choice

• A choice a person makes that doesn't make any sense

Which of the following is NOT part of a pure competition?

• Buyers are familiar with the products

• No seller controls the price of products

• Barriers to market entry exist

• Best market for buyers

Bartering is defined as

• The value placed on a product

• Taking a product with the promise to return it

• Trading a product for another product

• One or more objects used as payment for a product

Which market structure requires a large number of suppliers?

• Oligopoly

• Monopoly

• Pure Competition

When money is used to compare the value of different products it is used:

• As a unit of accounting

• As an indicator of debt

• As a store of value

• As a medium of exchange

Which type of market has a few major sellers, where a price action by one seller can cause the other sellers to follow?

• Monopoly

• Oligopoly

• Pure Competition

What is meant by scarcity?

• Limited resources and limited wants and needs

• Unlimited resources and limited wants and needs

• Unlimited resources and unlimited wants and needs

• Limited resources and unlimited wants and needs

As a buyer, which market structure would be worst for you?

• Monopoly

• Oligopoly

• Pure competition

Which concept is NOT basic to definition of economics?

• Rational self-interest

• Bartering

• Scarcity

• Choice