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5 Written questions

5 Matching questions

  1. If a firm can sell 3,000 units of product A at $10 per unit and 5,000 at $8, then:
  2. (Last Word) When patents on new medications expire, the market for those drugs:
  3. The ability of a good or service to satisfy wants is called:
  4. What do the income effect, the substitution effect, and diminishing marginal utility have in common?
  5. A supply curve that is a vertical straight line indicates that:
  1. a change from being monopolistic to being competitive.
  2. b They all help explain the downsloping demand curve.
  3. c a change in price will have no effect on the quantity supplied.
  4. d utility.
  5. e the price elasticity of demand is 2.25.

5 Multiple choice questions

  1. and industry output will be less than the initial price and output.
  2. buyer responsiveness to price changes.
  3. relatively price inelastic.
  4. both allocative efficiency and productive efficiency are being achieved.
  5. oligopoly

5 True/False questions

  1. Which type of goods is most adversely affected by recessions?less price elastic than the demand for Honda Accords.


  2. The process by which new firms and new products replace existing dominant firms and products is called:buyer responsiveness to price changes.


  3. Anchoringto firms in all types of industries.


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


  5. In answering the next question(s), assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis.
    For a purely competitive firm, total revenue graphs as a:
    straight, upsloping line.