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5 Written questions

5 Matching questions

  1. An industry in which a few large firms supply most or all of a product is known as:
  2. Which of the following is an example of the interest-rate effect, assuming the U.S. price level decreases?
  3. A monopolist:
  4. For a monopolist, marginal revenue is:
  5. Ceteris paribus, if the average price level falls, then the _____ effect will result in _____ in the purchases of goods and services.
  1. a Real balances; an increase
  2. b Charges a higher price than a competitive firm, ceteris paribus.
  3. c Always less than price, after the first unit.
  4. d The demand for loans decreases so interest rates decline and loan-financed purchases increase
  5. e An oligopoly.

5 Multiple choice questions

  1. How best to allocate scarce resources.
  2. -$76.
  3. A duopoly.
  4. The market price is below equilibrium
  5. In the long-run economic profit is impossible.

5 True/False questions

  1. A HEADLINE article in the text, titled "Music Firms Settle Lawsuit" discusses price fixing by music companies and retailers. Which market structure is most likely to be successful in price fixing?The cost of producing frozen yogurt decreases.

          

  2. The labor force is smaller than the total population because the labor force does not include:Cyclical unemployment should increase and real GDP should decline.

          

  3. A price floor:Charges a higher price than a competitive firm, ceteris paribus.

          

  4. In a graph of the aggregate demand curve, a decrease in investment by businesses is represented by a:A business owner uses his profits to play the lottery and wins.

          

  5. Which of the following is most likely a fixed cost?Toys produced by a U.S. firm located in China

          

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