PBMF Supply and Demand Unit 2

As a consumer, which market would be the worst option for you?

• Monopoly

• Pure Competition

• Oligopoly

You have $8 for a Starbucks. You decide to buy your mocha frappe for a treat. How was money being used in this scenario?

• As an indicator of debt

• As a medium of exchange

• As a unit of accounting

• As a store of value

When you put money into a checking account how is the money being used?

• As an indicator of debt

• As a store of value

• As a medium of exchange

• As a unit of accounting

If you were trying to sell a product, how could you attract more customers?

• Make manufacturing more efficient

• Raise the price of the product

• Lower the price of the product

Why does competition among buyers in a market general mean higher product prices and more profits for sellers?

• Because many buyers have more product choices

• Because sellers will have more competition

• Because sellers will want to make more product

• .

  Because many buyers are trying to get too few products

How does the following situation SHIFT the supply curve for solar panels? China restricts trade in precious metals used for solar panels.

• Shifts the curve left

• Shifts the curve right

• Does not shift the curve

What is meant by scarcity?

• Limited resources and unlimited wants and needs

• Limited resources and limited wants and needs

• Unlimited resources and limited wants and needs

• Unlimited resources and unlimited wants and needs

Which of the following would totally be unacceptable as a definition for economics?

• The study of how people faced with scarcity make choices

• The study of how people satisfy wants and needs

• The study of how people satisfy wants and needs of the common good

• The study of how people make rational self-interest choices to satisfy wants and needs

Which direction does the demand curve slope?

• Up

• Down

• No Shift

Law of Supply states that, all other factors being equal, as the product price increases the quantity of the product provided by sellers __________.

• Increaeses

• Stays the Same

• Decreases