Econ 201 (ECON201)

APUS ECON 201 WEEK 1 -with 100% verified answers-2022-2023

American Military University ECON 201 / ECON201 Week 2 Quiz( Chapter 3)

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...

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...

ECON 201 Week 6 Quiz Question 2 of 17 An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: • A. a duopoly. • B. a monopoly. • C. an oligopoly. • D. perfect competition. Question 3 of 17 Which of the following is true in a perfectly competitive market? • A. One unit of a good or service cann...

Question 1 of 20 Average variable cost is: • A. the firm's variable cost per unit multiplied by the quantity. • B. total variable cost divided by quantity. • C. the difference between average total cost and total variable cost. • D. the difference between total cost and total variable cost. Question 2 of 20 Which of the following is (are) correct? • A. Firms are organizations that produce goods and services. • B. Firms seek to maximize pr...

ECON 201 – Quiz 3 Question 1 of 16 Demand is price inelastic if: A. the price of the good responds slightly to a quantity change. B. the demand curve shifts very little when a demand shifter changes. C. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D. all of the above are true. Question 2 of 16 If the absolute value of price elasticity is greater than 1, this means the demand curve in that regi...

ECON 201 – Midterm Question 1 of 28 Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Question 2 of 28 Which of the following is not ...

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...

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 • D. ...