EDAC Trivia Night

Which of the following are factors of production?

• Land

• Labor

• Capital

• Consumption

What does the term "marginal utility" refer to?

• Total satisfaction from a product

• The benefit gained from consuming one additional unit

• Cost of producing one more unit

• Economic surplus

A(n) __________ is a good that consumers demand more of as their income increases.

What is the opportunity cost of attending college?

• Tuition and fees

• Increased future earnings

• Increased knowledge

• Lost wages from working full-time

A price __________ is a legally established maximum price for a good.

What causes a movement along the demand curve?

• Change in market size

• Change in consumer preferences

• Change in price of the good

• Change in income

Which market structure features a single seller?

• Monopoly

• Oligopoly

• Perfect competition

• Monopsony

What does "elastic demand" mean?

• Demand remains constant despite price changes

• Demand changes significantly with price changes

• Supply adjusts quickly to demand

• Total demand equals total supply

__________ costs are those that do not change with the level of output.

A firm is said to have __________ when it can produce at a lower average cost due to its size.