NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
  2. Consider This) Newspapers dispensing devices seemingly "trust" people to take only a single paper but the devices actually rely on the law of:
  3. Anchoring
  4. Which type of goods is most adversely affected by recessions?
  5. The MR = MC rule applies:
  1. a Goods for which the income elasticity coefficient is relatively high and positive.
  2. b to firms in all types of industries.
  3. c decrease
  4. d can influence decision-making with irrelevant information.
  5. e diminishing marginal utility.

5 Multiple Choice Questions

  1. a change in price will have no effect on the quantity supplied.
  2. Alex's behavior is consistent with the endowment effect.
  3. less price elastic than the demand for Honda Accords.
  4. increases the amount of health care consumed by reducing the price of additional units of care.
  5. prices for their output temporarily fall below their average variable costs of production.

5 True/False Questions

  1. Allocative efficiency is achieved when the production of a good occurs where:P = MC.

          

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

          

  3. 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:
    change from being monopolistic to being competitive.

          

  4. 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.

          

  5. The process by which new firms and new products replace existing dominant firms and products is called:creative destruction.

          

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