5 Written questions
5 Matching questions
- In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
- The MR = MC rule applies:
- Consider This) Newspapers dispensing devices seemingly "trust" people to take only a single paper but the devices actually rely on the law of:
- (Last Word) When patents on new medications expire, the market for those drugs:
- a to firms in all types of industries.
- b diminishing marginal utility.
- c change from being monopolistic to being competitive.
- d can influence decision-making with irrelevant information.
- e oligopoly
5 Multiple choice questions
- buyer responsiveness to price changes.
- a change in price will have no effect on the quantity supplied.
- They all help explain the downsloping demand curve.
5 True/False questions
Suppose a purely competitive, increasing-cost industry is in long-run equilibrium. Now assume that a decrease in consumer demand occurs. After all resulting adjustments have been completed, the new equilibrium price: → and industry output will be less than the initial price and output.
The demand for autos is likely to be: → to firms in all types of industries.
Alex was willing to pay $50 for the new World Cup soccer ball. When he received it as a gift, he was willing to sell it, but for no less than $80. According to behavioral economists: → utility.
(Last Word) Oil wells and seasonal resorts will often shut down temporarily because: → change from being monopolistic to being competitive.
If for a firm P = minimum ATC = MC, then: → both allocative efficiency and productive efficiency are being achieved.