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5.01 Section Quiz
| Question | Answer |
|---|---|
| A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of: | B: Opportunity Cost |
| Which is an external factor that affects market price? | B: Consumer buying power |
| When prices increase, producers usually: | C: Increase Supply |
| A killing frost destroys 80% of florida's citrus crop. This will most likely create: | C: Sellers market |
| Equilibrium price of a good or service is determined by trial and error and exists when: | B: the amount supplied is equal to the amount demanded |
| Which group of words BEST describes wants? | B: Unlimited, changing, and competing |
| A local dealership purchased 100 blue pickup trucks , but has only been able to sell three in the past five months. Because of the low demand for these truck, the dealer has been forced to lower the sticker prices, creating which type of market? | A: Buyers |
Created by:
drakon0130
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