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5 Written Questions

5 Matching Questions

  1. A monopolist:
  2. A flat or horizontal demand curve for a firm indicates that:
  3. Which of the following is an example of labor as a factor of production?
  4. Disposable income is:
  5. If Pepsi and Coke are the only two soft drink producers, they could be considered:
  1. a The firm has no market power.
  2. b Charges a higher price than a competitive firm, ceteris paribus.
  3. c The after-tax income of consumers
  4. d The skills and abilities of workers.
  5. e A duopoly.

5 Multiple Choice Questions

  1. True
  2. Rent for the factory
  3. The existence of substitute goods.
  4. Quantity demanded is very responsive to changes in price.
  5. The interest rate effect

5 True/False Questions

  1. Consumers may not experience the benefits of economies of scale if a natural monopoly:MPS is 0.21.


  2. Ceteris paribus, if Tamika pays off a loan at the bank then over timeThe money supply becomes smaller.


  3. The demand for such items as salt, sugar and hand soap tend to be:Price and quantity demanded are inversely related.


  4. If marginal cost equals price, then _____ is at a maximum.Quantity demanded is very responsive to changes in price.


  5. As the economy falls from the peak to the trough of the business cycle:Cyclical unemployment should increase and real GDP should decline.


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