Econ201 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 ...

Economics may best be defined as: - Social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy virtually unlimited wants. The main function of an entrepreneur is to: - Innovate Macroeconomics approaches the study of economics from the viewpoint of: - The entire economy According to economists, economic self interest: - is a reali...

American Military University ECON 201 ECON201 WEEK 5 Quiz

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

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...

American Military University ECON 201 ECON201 FINAL EXAM

Question and answer bank consisting of over 10 years worth of past tests and exam papers. Solutions are set out as template guides to ensure ALL marks are obtained. Tried and Tested. Obtained over 80% in Economics.

American Military University ECON 201 ECON201 WEEK 5 Quiz

Econ201 Week 2 Quiz (Chapter 3) | Q&A All Verified

American Military University ECON 201 ECON201 FINAL EXAM