ECON U3 PT Questions and Answers and Graded

Exampromax - Stuvia US 2025/2026
1



ECON U3 PT Questions and Answers and
Graded
What would NOT be a part of the explicit costs of a company?

Correct Answer

depreciation



How many thousands of bottles would be supplied if price rose to $1.50?

Correct Answer
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4,500



______ is the extent to which consumers receive value or benefit from a
purchase.

Correct Answer

Utility



A good that can be used in place of another is a(n) ____ good.

Correct Answer

substitute



According to the law of demand, _______.

Correct Answer

the demand for a product will increase when price
decreases

, Exampromax - Stuvia US 2025/2026
2




the effect on the chicken liver market as demand increases for chicken legs

Correct Answer

supply increase ->



A(n) ______ results when supply exceeds demand in a market.

Correct Answer

surplus
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Which answer is NOT part of the TRIBE acronym?

Correct Answer

exports and imports



Which of the following would be a short-term decision for a grocery store?

Correct Answer

hiring a new director for quality control and the meat
department



the effect on the generic jam market when the cost of brand name French
preserves drops by $2 per jar

Correct Answer

demand decrease <-