The potential rewards that a person receives for taking a particular action are called:
B. opportunity costs.
1 out of 1
Correct. Incentives are potential rewards that motivate people.
Economists assume that peopl
increased scarcity and lne'l'l'lclencqlr will result when:
3 Sorry. your answer is incorrect
vthe market is in disequilibrium.
consumers outnumber producers.
X the market is in equilibrium.
Equillbrlum results in de
1119 curred: answer Is shown.
On we supply side of the msneet. when the price of a good Increases. the quantity supplied of the good
increases. [om mrd
3 Sony, your answer Is incorrect.
You mote at service Instead of Vincreasee.
Detarmlna whlch reason for downward-aloplng demand beet esplalne each of the
III'IlpIBE below. Drag the reason to the example to complete the problem.
When a nelllI cupcake store In your town sells glam: cupcakes for
$5 each, you buy one. When the store p
Which of the following statements is true?
X Sony, your answer is Incorrect.
K A binding price floor wlil encourage buyers to purchase more.
A binding price floor is above equilibrium.
A binding price floor-will be lowermen e nonbinding price oor.
Shortages are usually the result of:
V lour answer Is partially correct.
n price controls that do not allow marketsto adjust
X hlgh dame no.
ngh demand wlll rates the price but wlll not necessarily cause a shortage.
I Also correct
When a good or eenrlce ls taxed In the market:
X Sorry, your summer I: Incorrect.
X the quantity traded In the marl-tat ees.
Taxes Increase the production costs, whlch decreases supply and drives up price.
V the quantity traded In the market falls
Suppese the market demand and supply of an economics textbook Is shown below.
PFiC-E QUE-it! 5U [JILHE'U QLJE-lf'ltir DEITIEJ Fidel?
Assume the prise Is xed at $450. There is a L's HEEL
aft?) m- banis-
ruur answer is current.
The role of government In market economies Includes:
V Your answer is partially correct.
3 Also correct
V enforcing contracts.
3 Also correct
V dening and enforcing property rights.
3 Also correct
V detem'ilning rules of commerce.
X identifying new market
The oorroot answer Is shown.
When buyers and sellers Interact In e market. buyers seek to psythe lowest price possible. and sellers seek
to charge the highest price possible.
X Sorry, your answer Is Incorrect
You wrote at regulated InstesdofVIowest.
Assume you buy three goods: hamburgers. french fries, and pizza. You always prefer your
hamburger wlIh french fries. Also. you do not like consuming hamburgers and pizzas at the
some time. lfthe price of french fries Increases, the demand for:
1 Your answ
Taxes on products:
1 Your answer is correct.
mange me lseohol' used to pmduoe a product.
change 111a quallty ofthe product.
Increase the quanty hat consumers are-wllllng to buy.-
v generally result in ferrer products being purchased.
The demand schedule displays the demand for a product
X Sorry. your answer Is incorrect
Vin a tame, showing the different pricee and the corresponding quantities demanded.
In an eque'don, showing the different prices and me corresponding quantit
A movement along the demand curve Is:
3 Sorry, your answer Is lmorrect.
v a change In the quantity demanded.
the 'reeult cfe' change In Inddme.
X a change In demand.
A change In demand le shown by a shift In the demand curve.
If less of e good. sendce, or resource le being consumed at every pee. there Is:
'9' h'eur answer Is eerreeL
e mean meve'ment elens'dle demand curve.
at e lewerd shift of the demand curve.
an upward movement eeng the demand curve.
a rlghtwerd ehlfl'. ofth
1119 annual: timer ls Shawn.
A decrease In the price of a goed's substrtute will cause a decrease In the demand for the gourd.
It Son-y, yum answer In: incorrect.
You mute x Inferior Instead of vsubstrtute.