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5 Written questions

5 Matching questions

  1. The demand for autos is likely to be:
  2. Josh will receive a salary of $300,000 next year. According to prospect theory:
  3. Which type of goods is most adversely affected by recessions?
  4. If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
  5. In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
  1. a Josh will only be happy with that salary if his cost of living has not increased.
  2. b decrease
  3. c less price elastic than the demand for Honda Accords.
  4. d oligopoly
  5. e Goods for which the income elasticity coefficient is relatively high and positive.

5 Multiple choice questions

  1. and industry output will be less than the initial price and output.
  2. the price elasticity of demand is 2.25.
  3. creative destruction.
  4. can influence decision-making with irrelevant information.
  5. Alex's behavior is consistent with the endowment effect.

5 True/False questions

  1. (Last Word) When patents on new medications expire, the market for those drugs:change from being monopolistic to being competitive.

          

  2. The fact that most medical care purchases are financed through insurance:increases the amount of health care consumed by reducing the price of additional units of care.

          

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

          

  4. The MR = MC rule applies:to firms in all types of industries.

          

  5. The demand for a necessity whose cost is a small portion of one's total income is:less price elastic than the demand for Honda Accords.

          

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