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5 Written questions

5 Matching questions

  1. The demand for autos is likely to be:
  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. If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
  1. a less price elastic than the demand for Honda Accords.
  2. b change from being monopolistic to being competitive.
  3. c diminishing marginal utility.
  4. d decrease
  5. e to firms in all types of industries.

5 Multiple choice questions

  1. Alex's behavior is consistent with the endowment effect.
  2. creative destruction.
  3. people isolate purchases and sometimes make irrational decisions.
  4. Josh will only be happy with that salary if his cost of living has not increased.
  5. a change in price will have no effect on the quantity supplied.

5 True/False questions

  1. The primary force encouraging the entry of new firms into a purely competitive industry is:economic profits earned by firms already in the industry.


  2. The demand for a necessity whose cost is a small portion of one's total income is:less price elastic than the demand for Honda Accords.


  3. In the short run a purely competitive firm will always make an economic profit if:P > ATC.


  4. 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:The firms in the market are part of a decreasing-cost industry.


  5. Anchoringcan influence decision-making with irrelevant information.