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5 Written Questions

5 Matching Questions

  1. If marginal cost equals price, then _____ is at a maximum.
  2. The Classical view of the economy is characterized by:
  3. As an economy moves out of a recession into a period of economic growth, consumers tend to increase expenditures on:
  4. Consumer goods:
  5. In long-run competitive market equilibrium, price equals _______ and economic profit is ______.
  1. a A laissez-faire approach.
  2. b Durable goods.
  3. c Profit
  4. d Account for two-thirds of total U.S. output.
  5. e Minimum average total cost; zero

5 Multiple Choice Questions

  1. It must be minted by the government in order to have value
  2. Caused by a price ceiling.
  3. 1 รท MPS.
  4. Recession
  5. Quantity demanded is very responsive to changes in price.

5 True/False Questions

  1. Obstacles that make it difficult or impossible for additional producers to begin producing or selling in a new market are referred to as:In the long-run economic profit is impossible.


  2. The most desirable rate of output is the one that:The market mechanism without government interference.


  3. A natural monopoly is a firm that:Charges a higher price than a competitive firm, ceteris paribus.


  4. The demand for such items as salt, sugar and hand soap tend to be:Relatively inelastic


  5. Which of the following is not consistent with a monopoly industry?Many firms produce identical or similar products.


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