ECO 182 UNIT 2 TEST EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
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Module
ECO 182
Institution
ECO 182
ECO 182 UNIT 2 TEST EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Equilibrium
The price at which quantity supplied is equal to quantity
demanded is the equilibrium price
Deadweight Loss (DWL)
represents the value of mutually beneficial transactions foregone
Characteristics of ...
Limited property rights(Public goods, Common resources)
Asymmetric information
Sources of barriers to entry for monopolies
Control of scarce resources or inputs
High fixed costs of entry and low marginal costs (natural monopolies)
Technological superiority
Network externalities
Patents and copyrights
Characteristics of Monopolistic competition
Many sellers (and many buyers)•
No barriers to entry•
Therefore, long-run economic profits are zero
Differentiated goods
Therefore, demand is downward-sloping
•Therefore, can mark price up over MC
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