1. Why does an economist create a market demand schedule?
a. to learn what demands the market will make under unusual conditions
b. to have an idea of how a market would act under different conditions
c. to predict how people will change their buying habits when prices change
d. to show how various conditions can change the demand for a good
2. Which of the following are ways the government controls markets?
a. price ceilings and price floors
b. equilibrium price and equilibrium point
c. shortages and surpluses
d. subsidies and disequilibrium
3. One way that firms in a monopolistic competition engage in nonprice competition is through
c. fixed costs
d. variable costs
4. What does it mean when you have demand for a good or service?
a. You can afford the good but may be unwilling to buy it.
b. You want the good but may not have the money for it.
c. You are able to buy the good but not at the given price.
d. You are willing and able to buy the good at the given price.
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