Principles of Microeconomics Quiz

Explain the Law of Supply and provide an example of how it might function in the market for gasoline.

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Define equilibrium in the context of supply and demand, and describe what visually represents it on a graph.

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What is a price ceiling? Explain a potential consequence of implementing a price ceiling below the equilibrium price.

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Identify three of the determinants of demand and briefly explain how a change in each could shift the demand curve.

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Name two characteristics that distinguish perfect competition from monopolistic competition.

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Describe the key difference in the number of sellers between an oligopoly and a monopoly market structure.

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What is non-price competition? Give a specific example of how a company in a monopolistically competitive market might engage in it.

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Outline one advantage and one disadvantage of organizing a business as a sole proprietorship.

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What is a natural monopoly, and what is the primary reason these types of monopolies tend to form?

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Briefly list three reasons why government regulations might be implemented in certain markets.

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