Microeconomics Test Review

The food court at the mall is an example of which type of market structure?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

After a product is made, what is the next step in the chain of production?

• Raw Goods

• Retail

• Warehouse

• Home

Which word does this definition match:

A product whose demand falls when income rises

Wat is the equation for opportunity cost?

• Give up/ Gain

• B-C/C-B

• mx+b=y

• Supply/ demand

Which market structure has the fewest barriers to entry?

• Monpoly

• Monopolistic Competition

• Oligopoly

• Monopolistic Competition

On the PPC, where can inefficient points be found?

• Below the line

• To the left of the line

• Above the line

• On the Line

• To the right of the line

What market structure offers the least amount of choice to consumers?

• Monoploy

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Which is NOT one of the 5 economic freedoms in the US?

• Buy and sell

• Profit

• Own Property

• Assembly

• Compete for Jobs

Click the 3 inputs that are sold in the resource market.

• Capital

• Natural

• Weather

• Labor

• Econo

What happens to the price of iPhone 7s when the iPhone 8 is released? 

• Price Decreases

• Price Increases

• Price Shifts Left

• Demand Shifts Right