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