Econ 201 exam 2 - Study guides, Class notes & Summaries

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 ...

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 ...

JMU ECON 201 EXAM 1 REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Which of the following involve a trade off? - -all of these 1. buying a new car 2. going to college 3. watching a football game Saturday afternoon 4. taking a nap Trade-offs are required because wants are unlimited and resources are - -scarce Economics is the study of how - -society manages its scarce resources Which of the following is NOT a factor of production - -money Points on the production possibilities f...

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 ...

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 ...

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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...