Producer Supply and Competition

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Easy questions on supply and competition.

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Javohir G'ayrataliyev

Uzbekistán

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Producer Supply and Competition


Froggy Jumps Producer Supply and CompetitionVersión en línea Easy questions on supply and competition. por Javohir G'ayrataliyev 1 What is the basic economic problem? a Profit b Abundance c Scarcity 2 Which factor can shift the supply curve? a Production costs b Population size c Income tax rate on consumers 3 If price rises and supply stays the same, what happens to quantity supplied? a It increases b It stays the same c It decreases 4 What does demand mean in economics? a Willingness to buy at various prices b Willingness to produce at various prices c Total supply in the market 5 Which market structure has many buyers and sellers with similar products? a Perfect competition b Oligopoly c Monopoly 6 A price ceiling is a limit on: a How many suppliers exist b How many goods can be produced c How high the price can be set 7 Which causes a movement along the supply curve? a Change in technology b Change in price c Change in input costs 8 Which term describes a market with a few large sellers? a Oligopoly b Perfect competition c Monopoly 9 If supply increases and demand stays the same, price generally: a Rises b Remains unchanged c Falls 10 What is consumer surplus? a Total cost of production b Profit earned by producers c Difference between max willingness to pay and actual price 11 Which event can cause a demand curve to shift right? a Costs increase for producers b Prices rise c Income increases 12 What does elasticity measure? a Responsiveness to a change in price b Mobility of resources c Time to market 13 In a competitive market, profits tend to: a Disappear instantly b Increase indefinitely c Drive toward zero in the long run 14 A subsidy to producers shifts the: a Demand curve leftward b Supply curve rightward c Equilibrium price to zero 15 What is a price floor? a Minimum price set by policy b Maximum price set by policy c A price equals market equilibrium 16 If both supply and demand rise, equilibrium price: a Is indeterminate without magnitudes b Always falls c Always rises 17 Which is a characteristic of perfect competition? a Brand power b Product differentiation c Many buyers and sellers 18 A shift in supply occurs due to: a Only price changes b Only consumer income changes c Non-price factors 19 Market equilibrium is where: a Prices maximize profits b Supply equals demand c Prices minimize costs 20 What happens to price when demand falls and supply is unchanged? a Price stays the same b Price rises c Price falls 21 Which term describes a market with many buyers and a single seller? a Oligopoly b Monopolistic competition c Monopoly 22 A rising market price typically: a Increases quantity demanded b Reduces quantity demanded c Increases quantity supplied 23 What does competition encourage among firms? a Higher barriers to entry b Lower prices and better quality c Monopoly power 24 What is consumer demand influenced by? a Only supply b Income and prices c Only production costs 25 Which shift factor affects supply but not demand? a Population growth b Income increase c Technology improvement 26 What is producer surplus? a Difference between price received and minimum acceptable b Total revenue c Total cost of production 27 In the short run, a firm can: a Rewrite entire business model b Adjust output with existing resources c Reduce all costs to zero 28 A price shock typically causes: a Demand or supply to shift b Only prices to change c Nothing changes in the market 29 Which is not a market structure? a Public goods market b Perfect competition c Monopoly 30 What is marginal cost? a Cost of producing one more unit b Average cost per unit c Total revenue per unit 31 If a new technology lowers production costs, supply: a Stays the same b Decreases c Increases

Producer Supply and Competition

Froggy Jumps

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Producer Supply and CompetitionVersión en línea

por Javohir G'ayrataliyev

What is the basic economic problem?

Which factor can shift the supply curve?

If price rises and supply stays the same, what happens to quantity supplied?

What does demand mean in economics?

Which market structure has many buyers and sellers with similar products?

A price ceiling is a limit on:

Which causes a movement along the supply curve?

Which term describes a market with a few large sellers?

If supply increases and demand stays the same, price generally:

What is consumer surplus?

Which event can cause a demand curve to shift right?

What does elasticity measure?

In a competitive market, profits tend to:

A subsidy to producers shifts the:

What is a price floor?

If both supply and demand rise, equilibrium price:

Which is a characteristic of perfect competition?

A shift in supply occurs due to:

Market equilibrium is where:

What happens to price when demand falls and supply is unchanged?

Which term describes a market with many buyers and a single seller?

A rising market price typically:

What does competition encourage among firms?

What is consumer demand influenced by?

Which shift factor affects supply but not demand?

What is producer surplus?

In the short run, a firm can:

A price shock typically causes:

Which is not a market structure?

What is marginal cost?

If a new technology lowers production costs, supply: