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5 Written questions

5 Matching questions

  1. Alex was willing to pay $50 for the new World Cup soccer ball. When he received it as a gift, he was willing to sell it, but for no less than $80. According to behavioral economists:
  2. Under what conditions would an increase in demand lead to a lower long-run equilibrium price?
  3. If for a firm P = minimum ATC = MC, then:
  4. Josh will receive a salary of $300,000 next year. According to prospect theory:
  5. If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
  1. a Alex's behavior is consistent with the endowment effect.
  2. b both allocative efficiency and productive efficiency are being achieved.
  3. c decrease
  4. d The firms in the market are part of a decreasing-cost industry.
  5. e Josh will only be happy with that salary if his cost of living has not increased.

5 Multiple choice questions

  1. buyer responsiveness to price changes.
  2. P > ATC.
  3. and industry output will be less than the initial price and output.
  4. oligopoly
  5. increases the amount of health care consumed by reducing the price of additional units of care.

5 True/False questions

  1. The process by which new firms and new products replace existing dominant firms and products is called:utility.


  2. (Last Word) Oil wells and seasonal resorts will often shut down temporarily because:prices for their output temporarily fall below their average variable costs of production.


  3. The ability of a good or service to satisfy wants is called:utility.


  4. Anchoringcan influence decision-making with irrelevant information.


  5. The primary force encouraging the entry of new firms into a purely competitive industry is:buyer responsiveness to price changes.


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