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ECON1010 PRINCIPLES OF MICROECONOMICS EXAM 3 study questions with 100% complete solutions; graded A+ CA$17.03
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ECON1010 PRINCIPLES OF MICROECONOMICS EXAM 3 study questions with 100% complete solutions; graded A+
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  • Course
  • ECON1010
  • Institution
  • ECON1010
  • Book
  • Principles of Microeconomics

This exam test is written to expose managers in practice, experts, professionals and students to the reality of applying the concepts of econ

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  • January 3, 2025
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  • 2024/2025
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ECON1010 PRINCIPLES OF
MICROECONOMICS EXAM 3 (SOLVED)



Homogeneous Product - Goods that are either physically identical or at least viewed as
identical by buyers.

Monopoly - a firm that is the sole seller of a product without close substitutes

Natural Monopoly - a monopoly that arises because a single firm can supply
a good or service to an entire market at a smaller cost than could two or more firms

Perfect Competition - Firm is a "Price Taker" Firm takes the price of its output as given
or The firm can produce and sell as much as they want without affecting the market
price.
Reasons:
•
A large number of buyers and sellers, all of whom have only a very small fraction of the
market. (A large number of small firms.)
•
Products is standardized (commodities, shares of stock, fuel, minerals, currency)
•
Producers (sellers) can easily enter or exit the market. (Low Barriers to Entry)

Monopolistic Competition - a market structure in which many firms sell products that are
similar but not identical

Oligopoly - a market structure in which only a few sellers offer similar or identical
products

Barriers to Entry - A barrier to entry is any condition that makes it difficult for additional
competitors to enter a market/industry Examples:
•
An Established Standard that belongs to a company
•
"High" Levels of Minimum Efficient Scale
•
Government Franchise
•

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