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5 Written questions

5 Matching questions

  1. In long-run competitive market equilibrium, price equals _______ and economic profit is ______.
  2. Proprietorships:
  3. If demand is elastic, then:
  4. A HEADLINE article in the text, titled "Music Firms Settle Lawsuit" discusses price fixing by music companies and retailers. Which market structure is most likely to be successful in price fixing?
  5. Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as:
  1. a Minimum average total cost; zero
  2. b Oligopoly but not perfect competition.
  3. c Are owned by one individual.
  4. d Cyclical unemployment.
  5. e Quantity demanded is very responsive to changes in price.

5 Multiple choice questions

  1. The source of the free-rider dilemma.
  2. $44,100
  3. Flexible wages and prices
  4. To distinguish a movement along a demand curve from a shift of the demand curve.
  5. Decreases and the demand curve shifts to the left.

5 True/False questions

  1. An individual wheat farmer has no market power because:It must accept the equilibrium market price.

          

  2. Suppose during a year an economy produces $10 trillion of consumer goods, $4 trillion of investment goods, $6 trillion in government services, and has $4 trillion of exports and $5 trillion of imports. GDP would be:-$76.

          

  3. Suppose a monopoly firm produces software and can sell 10 items per month at a price of $50 each. In order to increase sales by one item per month, the monopolist must lower the price of its software by $1 to $49. The marginal revenue of the 11th item is:$39.

          

  4. Externalities are the:Avoid fixed costs in the short run.

          

  5. Which of the following events would cause a rightward shift in the supply curve for automobiles?Investment in telecommunications networks.

          

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