5 Written questions
5 Matching questions
- The demand for autos is likely to be:
- Josh will receive a salary of $300,000 next year. According to prospect theory:
- Which type of goods is most adversely affected by recessions?
- If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
- In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
- a Josh will only be happy with that salary if his cost of living has not increased.
- b decrease
- c less price elastic than the demand for Honda Accords.
- d oligopoly
- e Goods for which the income elasticity coefficient is relatively high and positive.
5 Multiple choice questions
- and industry output will be less than the initial price and output.
- the price elasticity of demand is 2.25.
- creative destruction.
- can influence decision-making with irrelevant information.
- Alex's behavior is consistent with the endowment effect.
5 True/False questions
(Last Word) When patents on new medications expire, the market for those drugs: → change from being monopolistic to being competitive.
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.
Because of "mental accounting:" → to firms in all types of industries.
The MR = MC rule applies: → to firms in all types of industries.
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.