Econ 1002 microeconomics Study guides, Class notes & Summaries

ECON 1002: Microeconomics Final 1. The main determinant of elasticity of supply is the: A. number of close substitutes for the product available to consumers. B. amount of time the producer has to adjust inputs in response to a price change. C. urgency of consumer wants for the product. D. number of uses for the product. Use the following table to answer question 2 2. Refer to the table. Over the $6-$4 price range, supply is: A. perfectly elastic. B. elastic. C. perfectly inelastic...

ECON1002: Microeconomics Exam2 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of...

ECON 1002 Final Exam – MGMT 3503 Microeconomics Questions & Answers

ECON-1002-2/MGMT-3503-2-Microeconomics Summer Qtr Quiz - Week 4 30 out of 30 points   1. Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: 2. All of the following are characteristics of perfectly competitive markets except: 3. In a firm's production planning horizon, the "long-run" refers to 4. 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 o...

ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS | 2022 LATEST UPDATE ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS Question 1 0 out of 4 points A demand curve: Selected Answer: shows the quantity of a good that buyers will purchase at each price. Correct Answer: all of the above. Question 2 4 out of 4 points The income effect that results from a price change is given by: Selected Answer: the change in quantity d...

ECON 1002 practice exam solution new docs 2021 questions and answers In a market system, the allocation of scarce goods involves the consideration of  the time required to pursue an economic activity.  what must be sacrificed in using a resource for its next-best use.  identifying the possibility of professional advancement.  the dollar cost of any good or service. Suppose a city block was going to be used for a parking lot in both New York City and a small town. The op...

ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS

ECON 1002: MICROECONOMICS EXAM WITH ANSWERS

ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The...

ECON 1002: MICROECONOMICS SAMPLE EXAM WITH ANSWERS