Econ201 Study guides, Study 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 ...

American Military University ECON 201 ECON201 WEEK 7 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 identical products, with...

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...

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...

American Military University ECON 201 ECON201 WEEK 5 Quiz

American Military University ECON 201 ECON201 FINAL EXAM

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 WEEK 5 Quiz