Supply and Demand

Perfect competition

Monopolistic competition

Monopoly

Oligopoly

Incorrect answer

Many firms selling differentiated products

Incorrect answer

Incorrect answer

Price decreases and quantity decreases.

Price increases and quantity increases.

Price increases but quantity remains constant.

Price remains constant but quantity increases.

Decision. The benefits and salary forsaken by rejecting one job offer over another.

Salary difference between two jobs.

Experience and salary gained from selected job.

Wages lost during summer due.

Diminishing Marginal Utility

Substitution Effect

Income Effect

Expectation Effect

Producers suffer as they cannot compete on lower prices, limiting entry to new firms and reducing overall industry output that can harm long-term profitability.

Consumers' surplus unexpectedly rises because they value the added quality assurance that comes with government-regulated floor pricing.

Producers may experience an initial increase in producer surplus due to higher prices, while consumers face a loss of consumer surplus from paying more.

Both producers and consumers benefit from stabilized prices that prevent predatory pricing or sudden market crashes.

Lower prices for consumers and increased quantity produced.

Decreased supply of corn and higher prices for consumers.

No change in quantity produced or consumer prices.

Higher prices for consumers and decreased quantity produced.

Calculating total revenue for a business’s entire product line.

Determining a country's comparative advantage in trade with another country.

Evaluating an economy's performance using its Gross Domestic Product (GDP).

Making a decision based on marginal cost and marginal benefit analysis.

There is no change in allocative efficiency as long as other firms can enter the market freely.

Allocative efficiency is reduced because the firm will produce where $P > MC$ instead of $P = MC$.

Allocative efficiency improves because the firm has more resources for research and development.

Allocative efficiency is increased due to economies of scale allowing for lower average costs.

Consumers will always choose the product with the lowest absolute price regardless of alternatives.

Opportunity costs lead consumers to ignore personal preferences and buy only necessary items.

Consumers will evaluate what must be given up to obtain one product over another and choose based on highest perceived benefit.

Opportunity costs encourage consumers to purchase both products simultaneously without trade-offs.