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

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. ...

ECON 201 The Miniature Economics Final Exam Questions and Answers Marginal choice A small, incremental adjustment to a play of action. Ex) "Should I leave the party now or wait another 10 mins to see if cool people show up? Economy Consists of all the choices made by a group of people Positive statements Descriptive and attempt to describe the world as it is Normative statements Prescriptive and attempt to prescribe how the world should be Scarcity Is the limited nature of society'...

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 ...

Study guide for exam 2 for econ 201

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 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...