ECON 1002 (ECON 1002)
Walden University
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ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS
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ECON 1002 WEEK 5 QUIZ – QUESTION AND ANSWERS
- Exam (elaborations) • 4 pages • 2020
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ECON-1002-4/MGMT-3503-4-Microeconomics Week 5 Quiz

An industry in which a small number of large firms sell products that are either close or perfect substitutes is:
Which of the following characteristics distinguishes an imperfectly competitive industry from a perfectly competitive industry?
As a result of economies of scale, as output expands:
Suppose when a firm produces 1,000 units their total costs equal $5 million. When they produce 2,000 units their total costs equal $9 million. Which of ...
![ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)](/docpics/5f91792ef1e5e_856989.jpg)
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ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)
- Exam (elaborations) • 3 pages • 2020
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ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics Summer 2019 (30 out of 30 points)

Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will:
All of the following are characteristics of perfectly competitive markets except:
In a firm’s production planning horizon, the “long-run” refers to
Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the follow...
![ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS](/docpics/5f9171eda893a_856964.jpg)
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ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS
- Exam (elaborations) • 11 pages • 2020
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Exam – Week 3 (92 out of 100 points )

A demand curve:
The income effect that results from a price change is given by:
The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal:
When price is below the market equilibrium price:
The economic surplus to an individual from consuming a good is given by:
A change in “demand” of a good is caused by ______________; a change in “qua...
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