Econ 202 Ole Miss FINAL LATEST
2025/2026 QUESTIONS and CORRECT
ANSWERS GRADED A+|ASSURED
SUCCESS
The particular price that results in quantity supplied being equal to quantity
demanded is the best price because it
a.
minimizes the expenditure of buyers.
b.
maximizes costs of the seller.
c.
maximizes the combined welfare of buyers and sellers.
d.
maximizes tax revenue for the government. - CORRECT ANSWER-C
,Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or she wants.
b.
Every individual in society cannot attain the highest standard of living to which he
or she might aspire.
c.
Only some people can afford to buy a BMW automobile.
d.
Miranda has an unlimited supply of oranges in her orchard. - CORRECT
ANSWER-D
A demand curve reflects each of the following except the
a.
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
,ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. - CORRECT ANSWER-C
If a market is allowed to move freely to its equilibrium price and quantity, then an
increase in supply will
a.
increase consumer surplus.
b.
reduce consumer surplus.
c.
not affect consumer surplus.
d.
Any of the above are possible. - CORRECT ANSWER-A
If the United States changed its laws to allow for the legal sale of a kidney, which
of the following is likely to occur?
a.
The price of kidneys would rise to balance supply and demand.
b.
, The gains from trade would make both buyers and sellers better off.
c.
Thousands of lives would be saved.
d.
All of the above are correct - CORRECT ANSWER-D
Market power refers to the
a.
government regulations imposed on the sellers in a market.
b.
forces of supply and demand in determining equilibrium price.
c.
ability of market participants to influence price.
d.
side effects that may occur in a market. - CORRECT ANSWER-C
If the current allocation of resources in the market for wallpaper is efficient,
a.
producer surplus equals consumer surplus in the market for wallpaper.
2025/2026 QUESTIONS and CORRECT
ANSWERS GRADED A+|ASSURED
SUCCESS
The particular price that results in quantity supplied being equal to quantity
demanded is the best price because it
a.
minimizes the expenditure of buyers.
b.
maximizes costs of the seller.
c.
maximizes the combined welfare of buyers and sellers.
d.
maximizes tax revenue for the government. - CORRECT ANSWER-C
,Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or she wants.
b.
Every individual in society cannot attain the highest standard of living to which he
or she might aspire.
c.
Only some people can afford to buy a BMW automobile.
d.
Miranda has an unlimited supply of oranges in her orchard. - CORRECT
ANSWER-D
A demand curve reflects each of the following except the
a.
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
,ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. - CORRECT ANSWER-C
If a market is allowed to move freely to its equilibrium price and quantity, then an
increase in supply will
a.
increase consumer surplus.
b.
reduce consumer surplus.
c.
not affect consumer surplus.
d.
Any of the above are possible. - CORRECT ANSWER-A
If the United States changed its laws to allow for the legal sale of a kidney, which
of the following is likely to occur?
a.
The price of kidneys would rise to balance supply and demand.
b.
, The gains from trade would make both buyers and sellers better off.
c.
Thousands of lives would be saved.
d.
All of the above are correct - CORRECT ANSWER-D
Market power refers to the
a.
government regulations imposed on the sellers in a market.
b.
forces of supply and demand in determining equilibrium price.
c.
ability of market participants to influence price.
d.
side effects that may occur in a market. - CORRECT ANSWER-C
If the current allocation of resources in the market for wallpaper is efficient,
a.
producer surplus equals consumer surplus in the market for wallpaper.
