Principles of Microecnomics

Economic solution 4 1. In a competitive market for corn, the law of demand indicates that, other things equal, as: A. The demand for corn decreases, the price will increase B. Income decreases, the quantity of corn demanded will increase C. The price of corn decreases, the quantity of corn demanded will increase D. The price of corn decreases, the quantity of

ECO | 2013 | Principles of Microecnomics | question bank | Economic solution 4 1. In a co

1. If the price elasticity of demand for a good is .75, the demand for the good can be described as: A. Normal B. Elastic C. Inferior D. Inelastic AACSB: Analytic Bloom's: Application Learning Objective: 6-1 Level: Difficult McConnell - Chapter 006 #2 Topic: Price elasticity of demand 9 McConnell - Chapter 006 2. Which demand curve above is relatively more el

ECO | 2013 | Principles of Microecnomics | question bank | 1. If the price elasticity of 

1. Which best expresses the law of diminishing marginal utility? A. The more consumption of a product, the smaller is the total and marginal utility from the consumption B. The less consumption of a product, the greater is the total and marginal utility of the consumption C. The more consumption of a product, the smaller is the marginal utility from consumin

ECO | 2013 | Principles of Microecnomics | question bank | 1. Which best expresses the la

Economic solution 2 1. By free enterprise, we mean that: A. Products are provided free to those who can't afford to buy them B. Individual producers determine how to produce, but government agencies determine what will be produced C. Individuals may obtain resources, organize production, and sell the resulting output in any legal way they choose D. Indivi

ECO | 2013 | Principles of Microecnomics | question bank | Economic solution 2 1. By free

Economic Solution 5 1. Refer to the above graph. An increase in supply would best be reflected by a change from: A. Point 5 to 4 B. Point 2 to 1 C. Line A to B D. Line A to C AACSB: Analytic Bloom's: Knowledge Learning Objective: 3-2 Level: Moderate McConnell - Chapter 003 #126 Topic: Determinants of supply 8 2. Refer to the above graph. An increase in the quantity sup

All courses in ECO

Popular Documents