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Exam (elaborations)

Econ 201 Exam 1 graded A

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  • Econ 201
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  • Econ 201

Which of the following statements describes the Coase Theorem? - answer-Under some circumstances private solutions to the problems that result from externalities can be found. Which of the following explains why the marginal cost curve has a hooked shape? - answer-Initially, the marginal product...

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  • October 2, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 201
  • Econ 201
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CleanA
Econ 201 Exam 1 graded A
Which of the following statements describes the Coase Theorem? - answer-
✔Under some circumstances private solutions to the problems that result from
externalities can be found.


Which of the following explains why the marginal cost curve has a hooked shape?
- answer-✔Initially, the marginal product of labor rises, then falls.


Which of following statements about demand elasticity is correct? - answer-✔If
demand, is inelastic, an increase in price will increase total spending.


Which of the following statements is TRUE? - answer-✔A narrowly defined good
or service generally has a more elastic demand.


Demand is elastic if a - answer-✔Relatively small price increase leads to a
relatively large decrease in the quantity demanded.


The cross-price elasticity of demand between your companies product and another
companies product is -2. If the price of the other companies product falls by 4%,
then the quantity demanded of your product will (blank). Furthermore, the other
companies product is a (blank) for your companies product. - answer-✔Rise by
8%, complement


The taxicab fare in Nelsonville is regulated. The fare currently charged is $6 a ride.
Nelsonville taxicab drivers want to obtain government's permission to raise the
fare, which they think will increase their total revenue. From this we can conclude
that the drivers believe that the demand for taxicab rides is - answer-✔Inelastic

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