22. which of the following are examples of substitutes? (ssem13a) a butter & margarine b flashlight &…

22. which of the following are examples of substitutes? (ssem13a) a butter & margarine b flashlight & batteries c peanut butter & jelly d cameras & film 23. what is the shape of the demand curve? (ssem2a) a upward sloping b downward sloping c positively sloped d irregular 24. identify the term that refers to the following economic principle: “the more units of an economic product a person acquires, the less eager that person is to buy still more.” a law of demand b substitution effect c law of supply d diminishing marginal utility 25. an inelastic good is away considered what type? a a want b changes with price c a need d is not needed for survival 26. how are market prices set? a by the government b interaction of producers and sellers c interaction of consumers and buyers d interaction of producers and consumers 27. if a company has a surplus of their product. what will they need to do in order to reach equilibrium? (ssem2b) a lower the product’s price b raises the product’s price c produces more of the product d add a tariff to the product 28. which of the following will not change (shift) the market supply curve? (ssem13a) a △ in the cost of labor b △ change in the demand for the product c △ government regulations d △ number of sellers offering the product 29. the cost of tomato sauce incurred by producing additional pizzas is called a total cost b variable cost c marginal cost d fixed cost use the graph for 30 - 36 demand and supply curves for movie videos 30. what is the price at equilibrium? (ssem2c) a $600 b $20 c $14 d $10

22. which of the following are examples of substitutes? (ssem13a) a butter & margarine b flashlight & batteries c peanut butter & jelly d cameras & film 23. what is the shape of the demand curve? (ssem2a) a upward sloping b downward sloping c positively sloped d irregular 24. identify the term that refers to the following economic principle: “the more units of an economic product a person acquires, the less eager that person is to buy still more.” a law of demand b substitution effect c law of supply d diminishing marginal utility 25. an inelastic good is away considered what type? a a want b changes with price c a need d is not needed for survival 26. how are market prices set? a by the government b interaction of producers and sellers c interaction of consumers and buyers d interaction of producers and consumers 27. if a company has a surplus of their product. what will they need to do in order to reach equilibrium? (ssem2b) a lower the product’s price b raises the product’s price c produces more of the product d add a tariff to the product 28. which of the following will not change (shift) the market supply curve? (ssem13a) a △ in the cost of labor b △ change in the demand for the product c △ government regulations d △ number of sellers offering the product 29. the cost of tomato sauce incurred by producing additional pizzas is called a total cost b variable cost c marginal cost d fixed cost use the graph for 30 - 36 demand and supply curves for movie videos 30. what is the price at equilibrium? (ssem2c) a $600 b $20 c $14 d $10

Answer

Brief Explanations:

  1. Butter and margarine are substitutes as they can be used in place of each other.
  2. The demand curve is downward - sloping, showing an inverse relationship between price and quantity demanded.
  3. The law of demand states that as the price of a good increases, the quantity demanded decreases, and vice - versa, ceteris paribus.
  4. A want is a desire for a good or service, and changes in price can affect wants.
  5. Market prices are set through the interaction of producers and consumers.
  6. If a company has a surplus, it may need to lower the product's price to reach equilibrium.
  7. A change in the cost of labor is a factor that can shift the market supply curve.
  8. The cost of tomato sauce incurred in producing additional pizzas is a variable cost.
  9. The equilibrium price is where the demand and supply curves intersect, which is $14 in the given graph.

Answer:

  1. D. Butter & margarine
  2. B. Downward sloping
  3. A. Law of Demand
  4. A. A want
  5. B. Interaction of producers and consumers
  6. B. Lower the product's price
  7. C. Change in the cost of labor
  8. C. Variable cost
  9. B. $14