Econ Benchmark 25

A market structure with many firms that dominate a market, exert some control over price, few barriers to entry, and products that are similar but differentiated (like a restaurant) is which type of market?

• monopolistic competition
• oligopoly
• monopoly
• perfect competition

Your friend hoarded all the toilet paper. Why is this a market failure?

• It represents an inefficient distribution of goods. Even though they made the right decision for themselves, it was the wrong decision for the group.
• Toilet paper is provided by the government and consumed by the public that markets cannot provide in sufficient quantities.
• He received the toilet paper at Walmart, but did not provide anything in exchange for it.
• The government paid for the toilet paper to benefit the entire public.

What is the point at the intersection of supply and demand called?

• equilibrium price
• shortage
• surplus
• market failure (toilet paper hoarding)

Which of these ads contain the Bandwagon appeal?

• 
• 
• 
• 

Based on the graph, any price set above equilibrium will result in a

• Surplus
• Shortage
• Equilibrium
• Shift in Supply

What does Ⓐ represent?

• Surplus
• Shortage
• Equilibrium
• Price Ceiling

What is the Equilibrium price?

• 150
• 200
• 75
• 275

What does the shift from Curve S to Curve S1 represent?

• An increase in demand
• An increase in supply
• A decrease in demand
• A decrease in supply

If you create a budget you will:

• Know what you spend your money on
• Never run out of money
• Always have enough money left over for savings
• maximize profits on your invenstments

For short term saving, where should you put your money?

• A savings account
• A retirement plan
• Invest it
• Get a credit card