Peregrine Exam Day 8 Questions with Correct Answers Latest Update 2026/2027
competitive market - Answers a market in which there are many buyers and many sellers so that
each has a negligible impact on the market price
Monopoly - Answers A market in which there are many buyers but only one seller.
monopolistic competition - Answers a market structure in which many companies sell products
that are similar but not identical
Oligopoly - Answers A market structure in which a few large firms dominate a market
perfect competition - Answers a market structure in which a large number of firms all produce
the same product
land - Answers all natural resources used to produce goods and services
labor - Answers Human effort directed toward producing goods and services
Capital - Answers An economic system based on private ownership of capital
Entrepreneurship - Answers Accepting the risk of starting and running a business.
profit maximization - Answers A method of setting prices that occurs when marginal revenue
equals marginal cost.
marginal cost - Answers the cost of producing one more unit of a good
If a company is looking to maximize its profit - Answers they will produce points where the
marginal cost equals the marginal revenue
fixed costs - Answers Costs that do not vary with the quantity of output produced
variable costs - Answers costs that vary with the quantity of output produced
revenue - Answers An increase in owner's equity resulting from the operation of a business
income - Answers money received, especially on a regular basis, for work or through
investments.
individual demand - Answers the relation between the price of a good and the quantity
purchased by an individual consumer per period, other things constant
consumption - Answers spending by households on goods and services, with the exception of
purchases of new housing
consumer demand - Answers The amount of a good or service a consumer is willing and able to
purchase at a range of prices.
competitive market - Answers a market in which there are many buyers and many sellers so that
each has a negligible impact on the market price
Monopoly - Answers A market in which there are many buyers but only one seller.
monopolistic competition - Answers a market structure in which many companies sell products
that are similar but not identical
Oligopoly - Answers A market structure in which a few large firms dominate a market
perfect competition - Answers a market structure in which a large number of firms all produce
the same product
land - Answers all natural resources used to produce goods and services
labor - Answers Human effort directed toward producing goods and services
Capital - Answers An economic system based on private ownership of capital
Entrepreneurship - Answers Accepting the risk of starting and running a business.
profit maximization - Answers A method of setting prices that occurs when marginal revenue
equals marginal cost.
marginal cost - Answers the cost of producing one more unit of a good
If a company is looking to maximize its profit - Answers they will produce points where the
marginal cost equals the marginal revenue
fixed costs - Answers Costs that do not vary with the quantity of output produced
variable costs - Answers costs that vary with the quantity of output produced
revenue - Answers An increase in owner's equity resulting from the operation of a business
income - Answers money received, especially on a regular basis, for work or through
investments.
individual demand - Answers the relation between the price of a good and the quantity
purchased by an individual consumer per period, other things constant
consumption - Answers spending by households on goods and services, with the exception of
purchases of new housing
consumer demand - Answers The amount of a good or service a consumer is willing and able to
purchase at a range of prices.
