Contents
#1. If a consumer is in equilibrium and consuming two goods, what must be true about the marginal utilities of the two goods?
#2. Marginal utility is:
#3. If the government imposes a price floor above the equilibrium price, it may result in:
#4. What happens if the market price is above the equilibrium price?
#5. What is the likely outcome if the government sets a price ceiling below the equilibrium price?
#6. Which of the following is a characteristic of a Giffen good?
#7. The income effect and substitution effect influence:
#8. If the price of a good increases while the consumer's income remains constant, what is likely to happen to the quantity demanded?
#9. If the price of a good is $2 and the marginal utility is 10 utils, what is the consumer's willingness to pay for the next unit?
#10. In the long run, a perfectly competitive firm earns:
#11. In perfect competition, products are:
#12. The point where the demand and supply curves intersect is known as:
#13. What is the entry and exit condition for firms in a perfectly competitive market?
#14. Firms in perfect competition are:
#15. The demand curve facing a perfectly competitive firm is:
Results
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