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5 Written questions

5 Matching questions

  1. Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:
  2. If supply is constant, a decrease in the demand for potato chips will cause:
  3. Which of the following is not an example of investment?
  4. Given that resources are scarce:
  5. Ceteris paribus, if Tamika pays off a loan at the bank then over time
  1. a A decrease in equilibrium price and a decrease in equilibrium quantity.
  2. b The money supply becomes smaller.
  3. c Opportunity costs are experienced whenever choices are made.
  4. d Barriers to entry.
  5. e A business owner uses his profits to play the lottery and wins.

5 Multiple choice questions

  1. True
  2. Frictional unemployment will always exist.
  3. A shortage of college education opportunities in the state.
  4. Cyclical unemployment.
  5. True

5 True/False questions

  1. When producing jeans, which of the following is not a variable cost in the short run?Rent for the factory


  2. In long-run competitive market equilibrium, price equals _______ and economic profit is ______.An oligopoly.


  3. If demand is elastic, then:Quantity demanded is very responsive to changes in price.


  4. TRUE/FALSE: According to the profit-maximization rule, a firm should produce at the rate of output where marginal revenue equals marginal cost.True


  5. The goal of most business firms is to:Maximize total profit.


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