Reference no: EM132484439
1. An increase in the consume's income has produced an increase in the sales of a clothing company. Which of the following corresponds to this situation according to the model of perfect competition:
a) Sales increased because of a movement along the demand curve.
b) Sales increased because a drop in wages.
c) None of the other options is correct.
d) Sales increased because of the law of decreasing marginal utility.
2. The sum of the quantities of a good demanded by all the potential buyers in the market at each possible price is:
a) The supply curve
b) The market demand curve
c) The demand curve
d) The market supply curve
3. How do we call the object that summarizes the quantity of a product that buyers wish to purchase under any possible circumstances that affect this decision?
a) The demand.
b) The supply.
c) The excess demand.
d) The excess supply.
4. Which of the following statements is NOT applicable to a market economy?
a) Companies decide whom to hire and what to produce.
b) There is no agent who is responsible for improving the welfare of society as a whole.
c) Individuals decide what companies to work for and what goods to buy with their income.
d) Government policies are the main forces that guide the decisions of companies and individuals.
5. The marginal cost of a tennis school only depends on the wage of its instructors. The tennis instructors' labour union negotiates a 7% increase in instructors' wages. This means that:
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