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5 Written questions

5 Matching questions

  1. In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
  2. The MR = MC rule applies:
  3. Consider This) Newspapers dispensing devices seemingly "trust" people to take only a single paper but the devices actually rely on the law of:
  4. (Last Word) When patents on new medications expire, the market for those drugs:
  5. Anchoring
  1. a to firms in all types of industries.
  2. b diminishing marginal utility.
  3. c change from being monopolistic to being competitive.
  4. d can influence decision-making with irrelevant information.
  5. e oligopoly

5 Multiple choice questions

  1. utility.
  2. buyer responsiveness to price changes.
  3. decrease
  4. a change in price will have no effect on the quantity supplied.
  5. They all help explain the downsloping demand curve.

5 True/False questions

  1. 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.


  2. The demand for autos is likely to be:to firms in all types of industries.


  3. 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.


  4. (Last Word) Oil wells and seasonal resorts will often shut down temporarily because:change from being monopolistic to being competitive.


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