Contents
#1. In a perfectly competitive market, what is the relationship between marginal revenue and price?
#2. If the government imposes a price ceiling below the equilibrium price, what is likely to occur?
#3. If the price elasticity of demand is greater than 1, the demand is:
#4. What is a characteristic of a monopolistic competitive market?
#5. If supply is perfectly inelastic, the price elasticity of supply is:
#6. A tax imposed on a good will generally result in:
#7. If the demand for a good is elastic, what happens to total revenue when price decreases?
#8. In the long run, a firm in a perfectly competitive market will produce where:
#9. Which of the following is a characteristic of a perfectly competitive market?
#10. The income elasticity of demand for a normal good is:
#11. What is the formula for calculating the total cost of production?
#12. What is the main determinant of elasticity of supply?
#13. Which of the following is likely to result in a decrease in the supply of a good?
#14. If the price elasticity of supply is greater than 1, the supply is:
#15. A perfectly elastic demand curve is:
#16. What is the goal of a monopoly?
#17. Which of the following is an example of a substitute good?
#18. If the government imposes a per-unit tax on a good, how does it affect the supply curve?
#19. What is the formula for calculating profit?
#20. What is the purpose of antitrust laws?
#21. What is a characteristic of a public good?
#22. In the law of demand, what is the relationship between price and quantity demanded?
#23. What is the formula for price elasticity of demand?
#24. If a good is a necessity and has few substitutes, its demand is likely to be:
#25. What is the primary focus of microeconomics?
Results
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