Microeconomics > QUESTIONS & ANSWERS > Sophia Milestone 1 Microeconomics Questions and Answers Already Passed (All)
Sophia Milestone 1 Microeconomics Questions and Answers Already Passed
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You passed this Milestone 16 questions were answered correctly. 4 questions were answered incorrectly. 1 Which of the following accurately describes market equilibrium? It is the difference betwe... en the actual price paid for a good and the highest amount the consumer would have paid. It is the difference between actual payment for a good and the least amount a producer would have agreed to receive for the good. It is dominance achieved over another company due to decreased opportunity cost, increased efficiency in process and lower marginal cost. It is when the price is such that the quantity supplied of a good or service is equal to the quantity demanded. CONCEPT Market Equilibrium 2 A store devotes more space to bicycles so it now has less space for books. This is an example of what decision-making relationship for the rational firm? 8/7/2020 Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/5583846 2/10 Infinite resources Cost minimization Opportunity cost Profit maximization CONCEPT Decision Making Relationships: Rational Firm 3 A local supermarket was forced to hold a sale on beef when they received an extra shipment of this perishable good. Over the course of the weekend, the store sold twice as many packages of ground beef as they normally do. This is an example of which economic principle? Movement along the supply curve Shift in both supply and demand Shift in demand Movement along the demand curve CONCEPT Changes in Demand and Movements along Demand Curve 4 Which answer choice below is NOT an example of microeconomics? Analysis of the influence of changes in healthcare on a small business 8/7/2020 Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedback [Show More]
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