Econ201 quiz 7 - Study guides, Class notes & Summaries

American Military University ECON 201 ECON201 WEEK 7 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 identical products, wit...

American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT

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...

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 identical products, with relatively easy entry for firms. Answer Key:C Q...

ECON201 Quiz Week 1 Question 1 of 15 The branch of economics that examines the impact of choices on aggregates in the economy is: A. positive economics. B. normative economics. C. macroeconomics. D. microeconomics. Question 2 of 15 When we are forced to make choices we are facing the concept of: A. ceteris paribus. B. free goods. C. scarcity. D. the margin. Question 3 of 15 An economic system is the set of rules that define and . A. resources; prices B...

Welfare economics is the study of - ANS-how the allocation of resources affects economic well-being The maximum price that a buyer will pay for a good is called - ANS-willingness to pay Consumer surplus is -Continues...

Welfare economics is the study of - ANS-how the allocation of resources affects economic well-being The maximum price that a buyer will pay for a good is called - ANS-willingness to pay Consumer surplus is - Continues...