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5 Written questions

5 Matching questions

  1. Consider This) Newspapers dispensing devices seemingly "trust" people to take only a single paper but the devices actually rely on the law of:
  2. (Last Word) Oil wells and seasonal resorts will often shut down temporarily because:
  3. The price elasticity of demand coefficient measures:
  4. The demand for a necessity whose cost is a small portion of one's total income is:
  5. The fact that most medical care purchases are financed through insurance:
  1. a prices for their output temporarily fall below their average variable costs of production.
  2. b buyer responsiveness to price changes.
  3. c increases the amount of health care consumed by reducing the price of additional units of care.
  4. d relatively price inelastic.
  5. e diminishing marginal utility.

5 Multiple choice questions

  1. can influence decision-making with irrelevant information.
  2. straight, upsloping line.
  3. P = MC.
  4. and industry output will be less than the initial price and output.
  5. economic profits earned by firms already in the industry.

5 True/False questions

  1. For a linear demand curve:to firms in all types of industries.


  2. If for a firm P = minimum ATC = MC, then:both allocative efficiency and productive efficiency are being achieved.


  3. The MR = MC rule applies:demand is elastic at high prices.


  4. (Last Word) When patents on new medications expire, the market for those drugs:prices for their output temporarily fall below their average variable costs of production.


  5. Josh will receive a salary of $300,000 next year. According to prospect theory:Josh will only be happy with that salary if his cost of living has not increased.


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