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5 Written questions

5 Matching questions

  1. According to the law of diminishing marginal utility:
  2. Which of the following events would cause a rightward shift in the supply curve for automobiles?
  3. The Classical view of the economy is characterized by:
  4. A flat or horizontal demand curve for a firm indicates that:
  5. A market is said to be in equilibrium when:
  1. a Marginal utility of a good declines as more of it is consumed in a given time period
  2. b The firm has no market power.
  3. c The quantity demanded equals the quantity supplied.
  4. d An improvement in the technology used to produce automobiles.
  5. e A laissez-faire approach.

5 Multiple choice questions

  1. Market structure.
  2. MPC = 1 - MPS
  3. Price and quantity demanded are inversely related.
  4. Oligopoly but not perfect competition.
  5. Opportunity costs are experienced whenever choices are made.

5 True/False questions

  1. One HEADLINE article in the text has the title "Fed cuts key interest rate half-point to 1 percent." Assuming the economy is in the upward sloping portion of the eclectic aggregate supply curve, what should happen to the price level and output as a result of the Fed's action, ceteris paribus?Oligopoly but not perfect competition.


  2. Which of the following is not consistent with a monopoly industry?Wages.


  3. Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:Barriers to entry.


  4. Under both monopoly and perfect competition, a firmoperates where marginal revenue equal marginal cost.


  5. If the price of battery-powered flashlights falls and the demand for flashlight batteries rises, then flashlights and batteries are:Complements.