Micro Economics, Demand & Supply, Elasticity

Contents

#1. Which of the following is a characteristic of a perfectly competitive market?

#2. In the law of demand, what is the relationship between price and quantity demanded?

#3. What is a characteristic of a monopolistic competitive market?

#4. If the government imposes a price ceiling below the equilibrium price, what is likely to occur?

#5. If the cross-price elasticity of two goods is negative, they are:

#6. In the long run, a firm in a perfectly competitive market will produce where:

#7. What is the purpose of antitrust laws?

#8. What is the main determinant of the price elasticity of demand?

#9. Cross-price elasticity measures the responsiveness of the quantity demanded of one good to a change in the price of:

#10. Elasticity of demand measures:

#11. A tax imposed on a good will generally result in:

#12. What is the relationship between marginal cost and average total cost in the short run?

#13. If a good is a necessity and has few substitutes, its demand is likely to be:

#14. What is the formula for calculating profit?

#15. A shift to the right in the supply curve is caused by:

#16. If the percentage change in quantity supplied is less than the percentage change in price, the supply is:

#17. Which of the following is an example of a substitute good?

#18. What is the primary focus of microeconomics?

#19. The income elasticity of demand for a normal good is:

#20. What is a characteristic of a natural monopoly?

#21. In the long run, firms in a perfectly competitive market earn:

#22. What is the goal of a monopoly?

#23. In a perfectly competitive market, what is the relationship between marginal revenue and price?

#24. What is the tragedy of the commons?

#25. if a monopolist is practicing price discrimination, what does it mean?

Finish

Results

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