ECON2 Study guides, Class notes & Summaries

American Military University ECON 201 ECON201 FINAL EXAM Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry? • A. Close substitutes • B. Diseconomies of scale • C. Government licensing ...

ECON2040 QUESTIONS AND ANSWERS 2023 Today's goods market: output supply and output demand formulas? - ANS-see boofkpk draw interaction diagram of households, firms govt. - ANS-cockballs Fiscal Authority's BC at time 't' - ANS-dingles Monetary authority's BC at 't' - ANS-davis dingle Consolidate govt. BC - ANS-shloap Total deficit - ANS-kmart What is main advantage of microfounded macroeconomics? - ANS-Essential to evaluate policy changes because individual decisions vary systemat...

Economics may best be defined as: - Social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy virtually unlimited wants. The main function of an entrepreneur is to: - Innovate Macroeconomics approaches the study of economics from the viewpoint of: - The entire economy According to economists, economic self interest: - is a reali...

REAL ECON202 CHAPTER 4 QUIZ, COMPLETE SOLUTION 2024. increase; supply An increase in the consumer surplus in the market for milkshakes may result from a(n) _____ in the _____ of milkshakes. increase; supply increase; price decrease; demand decrease; supply will decrease If there is a decrease in demand, assuming a positively sloped supply curve and a negatively sloped demand curve, total surplus:

American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT Question 1 Monopolistic competition is an industry characterized by a: • A. small number of firms producing identical products, with barriers to entry for firms. • B. small number of firms producing similar products, with relatively easy entry for firms. • C. large number of firms producing similar products, with relatively easy entry for firms. • D. large number of firms producing identical products, with...

ECON 201 Week 6 Quiz Question 2 of 17 An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: • A. a duopoly. • B. a monopoly. • C. an oligopoly. • D. perfect competition. Question 3 of 17 Which of the following is true in a perfectly competitive market? • A. One unit of a good or service cann...

American Military University ECON 201 ECON201 FINAL EXAM Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry? • A. Close substitutes • B. Diseconomies of scale • C. Government licensing ...

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American Military University ECON 201 ECON201 WEEK 5 Quiz