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5 Written Questions

5 Matching Questions

  1. Consider This) Newspapers dispensing devices seemingly "trust" people to take only a single paper but the devices actually rely on the law of:
  2. In answering the next question(s), assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis.
    For a purely competitive firm, total revenue graphs as a:
  3. The primary force encouraging the entry of new firms into a purely competitive industry is:
  4. A supply curve that is a vertical straight line indicates that:
  5. Allocative efficiency is achieved when the production of a good occurs where:
  1. a P = MC.
  2. b economic profits earned by firms already in the industry.
  3. c straight, upsloping line.
  4. d diminishing marginal utility.
  5. e a change in price will have no effect on the quantity supplied.

5 Multiple Choice Questions

  1. oligopoly
  2. creative destruction.
  3. Goods for which the income elasticity coefficient is relatively high and positive.
  4. change from being monopolistic to being competitive.
  5. demand is elastic at high prices.

5 True/False Questions

  1. Because of "mental accounting:"to firms in all types of industries.


  2. The price elasticity of demand coefficient measures:buyer responsiveness to price changes.


  3. (Last Word) Oil wells and seasonal resorts will often shut down temporarily because:change from being monopolistic to being competitive.


  4. 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:utility.


  5. What do the income effect, the substitution effect, and diminishing marginal utility have in common?They all help explain the downsloping demand curve.


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