In the graph below, what is the marginal utility for the third bottle of water consumed?
The ____________ in economics claims that people make choices about purchasing goods or services depending on what is in their best self-interest.
Susie goes to XYZ Grocery store and walks around to look at all the items that she has available to her for purchase. What is Susie participating in?
What is the name of the market in which households buy goods from firms?
A state government offers tax breaks to companies to build factories in their state. If a company takes up this offer and builds a new factory in this state, what will they be reducing?
How does marginal cost differ from total cost?
According to microeconomics, how are consumers MOST likely to behave in the marketplace?
Why do businesses care about microeconomic assumptions about consumer behavior?
At which point do the supply and demand curves meet?
How many people does an individual demand curve track?
A producer wants to sell a picture frame for $20, which she does. How much was her producer surplus?
When a producer sells a good for more than the minimum he or she was willing to accept, he or she is getting extra:
Why is the real equilibrium point difficult to find?
What will happen when a large segment of the population has increased demand for a product?
When would a price go below 0?
At which point should a producer stop producing goods, according to the law of diminishing marginal returns?
Calculate the marginal utility between the fifth and fourth slice of pizza in the following chart.
Calculate the marginal utility between the third and second slice of pizza in the following chart.
Which one of the following is NOT a resource found in a resource market?
How are households and businesses related?
Which of the following situations demonstrates a failure to maximize utility?
Louie is a guitar manufacturer. In which of the following examples is he maximizing utility as a producer?
How is consumer surplus calculated?
Who determines consumer surplus?
Which of the following is true of a graph of marginal utility?
What model is used to demonstrate markets and the flow of goods between firms and households?
Which company attempted to reduce their fixed costs at the Rouge River plant and ended up with massive marginal costs?
What theory is concerned with understanding individual consumer decision making and its impact on businesses?
A rightward shift of the individual demand curve reflects which of the following?
A producer wanted to make, at minimum, $4 for a bracelet he made. He ended up selling the bracelet for $10. What is the producer surplus?
Consumers, Producers & Market Efficiency Chapter Exam Instructions
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