Econ 201 exam 3 1 - Study guides, Class notes & Summaries

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Econ 201 Exam 3 (1)

American Military University ECON 201 ECON201 FINAL EXAM Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry? • A. Close substitutes • B. Diseconomies of scale • C. Government licensing ...

NDSU Econ 201 Exam 1 Questions and Answers Graded A+ Economics The study of how a society uses goods and services in the face of economic scarcity Absolute Scarcity When a country runs out of usable resources Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Economic Scarcity The concept that people have infinate wants and desires Commodities Satisfies people's wants a desires (goods and servi...

American Military University ECON 201 ECON201 WEEK 7 Exam Questions Quiz 100% CORRECT Question 1 Monopolistic competition is an industry characterized by a: • A. small number of firms producing identical products, with barriers to entry for firms. • B. small number of firms producing similar products, with relatively easy entry for firms. • C. large number of firms producing similar products, with relatively easy entry for firms. • D. ...

NCSU Econ 201 Practice Test 1 Questions and Answers Which of the following best describes the principle of comparative advantage? Select one: A. To produce more of one good, people have to produce less of another good. B. Someone has the ability to produce the same good for the lowest opportunity cost. C. Some people can produce the same good better than other producers can. D. Someone has the ability to produce the same good using fewer inputs than another producer. B The opportun...

American Military University ECON 201 ECON201 WEEK 7 Exam Questions Quiz 100% CORRECT Question 1 Monopolistic competition is an industry characterized by a: • A. small number of firms producing identical products, with barriers to entry for firms. • B. small number of firms producing similar products, with relatively easy entry for firms. • C. large number of firms producing similar products, with relatively easy entry for firms. • D. large number of firms producing ident...

ECON 201 EXAM 2 WITH 100% SOLUTION 1. In which of these instances is demand said to be perfectly inelastic? a. A decrease in price of 2% causes a decrease in total revenue of 0%. b. An increase in price of 2% causes a decrease in quantity demanded of 2%. c. A decrease in price of 2% causes an increase in quantity demanded of 0%. d. An increase in price of 2% causes a decrease in quantity demanded of 1/2%. 2. Hilda’s Hair Hysteria earned $3,750 in total revenue last month when it ...

ECON 101 Final Exam A Part 1 of 1 - 99.99999 Points Question 1 of 20 4.45 Points The representative firm in a purely competitive industry: A.Will always earn a profit in the short run B.May earn either an economic profit or a loss in the long run C.Will always earn an economic profit in the long run D.Will earn an economic profit of zero in the long run Question 2 of 20 4.45 Points An example of a monopolistically competitive industry would be: A.Steel B.Soybe...