A) Individual markets and consumer behavior
B) National monetary policies
C) Global economic growth
D) International trade policies

A) One seller dominating the market
B) Many buyers and sellers with identical products
C) Products that are vastly different
D) A few large companies controlling the market

A) The responsiveness of quantity demanded to price changes
B) The relationship between price and income
C) The total quantity demanded at a fixed price
D) The stability of demand over time

A) Economic benefits limited to direct participants
B) Internal costs of production
C) Transactions with no consequences
D) Costs or benefits affecting third parties not involved in a transaction

A) The monetary cost of production
B) The value of the next best alternative foregone
C) The cost of the goods produced
D) The total cost including fixed and variable costs

A) Perfect competition.
B) Oligopoly.
C) Monopolistic competition.
D) Monopoly.

A) The total utility derived from a product
B) The profit earned by sellers
C) The difference between what consumers are willing to pay and what they actually pay
D) The total amount spent by consumers

A) As more of a variable input is added, the additional output decreases
B) Returns increase indefinitely with scaling
C) Total output remains constant
D) More inputs always result in more output

A) A good that serves the same purpose as another
B) A good whose demand is unrelated to other goods
C) A good that is always purchased together in fixed quantities
D) A good whose demand increases when the price of another good decreases

A) To enhance government profits
B) To encourage production or consumption by lowering costs
C) To control the market price directly
D) To increase tax revenue from consumers

A) Stable market prices
B) Guaranteed profits for all firms
C) Perfect allocation of resources
D) Inefficient distribution of goods in the market