Quiz: Business Economics

A single seller dominating the market Many sellers producing differentiated products A few sellers with significant control over the market price Many sellers with no control over price

Transferring ownership of businesses or services from the public sector to the private sector Transferring ownership from the private sector to the public sector Increasing government regulation of businesses Nationalizing industries

A change in the price of a related good A change in consumer income A change in consumer preferences A change in the price of the good

Increase in total cost as production increases Reduction in per unit cost as the scale of production increases Constant costs regardless of production scale Increase in per unit cost as production decreases

Development of better transportation infrastructure Increase in industry knowledge Government subsidies for large firms Improved managerial efficiency as the firm grows

Regulating domestic economic policies Promoting protectionist trade policies Encouraging trade only among developed countries Facilitating international trade negotiations and dispute resolution

Equal to 1 Less than 1 Greater than 1 Negative

Sellers producing differentiated products A large number of buyers and sellers with no control over the market price A few sellers with significant control over price A single seller dominating the market

Decreased foreign investment Decreased trade with other countries Increased competition and efficiency in the economy Increased government intervention in the economy

Constant economic growth Periods of uninterrupted economic decline The lifecycle of a business Fluctuations in economic activity over time