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ECN 104 Microeconomics Final Test Questions and Correct Answers 100% Guaranteed Pass $12.49   Add to cart

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ECN 104 Microeconomics Final Test Questions and Correct Answers 100% Guaranteed Pass

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ECN 104 Microeconomics Final Test Questions and Correct Answers 100% Guaranteed Pass Perfect Competition Characteristics - Answer- - very large # of sellers - standardized product - "price takers" - perfectly elastic demand - demand graphs as horizontal line Monopoly Characteristics - ...

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  • November 16, 2024
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  • Exam (elaborations)
  • Questions & answers
  • ECN 104 Microeconomics
  • ECN 104 Microeconomics
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ECN 104 Microeconomics Final Test
Questions and Correct Answers
100% Guaranteed Pass

Perfect Competition Characteristics - Answer- - very large # of sellers
- standardized product
- "price takers"
- perfectly elastic demand
- demand graphs as horizontal line

Monopoly Characteristics - Answer- - single seller
- no close substitutes
- price maker
- blocked entry
- non-price competition

Monopolistic Competition Characteristics - Answer- many sellers, product differentiation,
free entry and exit

Oligopoly Characteristics - Answer- 1. few, mutually interdependent firms
2. high barriers to entry
3. limited control over price
4. homogeneous or differentiated product

productive efficiency - Answer- the production of a good in the least costly way

allocative efficiency - Answer- distribution of resources among firms/industries to
produce the goods most wanted by society

Consumer Surplus - Answer- the difference between the highest price a consumer is
willing to pay for a product and market price of product

Producer Surplus - Answer- difference b/w the minimum prices producers are willing to
accept for a product and market price of product

Creative Destruction - Answer- the creation of new products and methods completely
destroys the old products and methods

Deadweight Loss - Answer- A net loss of total (consumer and producer) surplus.

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