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ECO 365T FINAL EXAM – QUESTION AND ANSWERS.
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FINAL EXAM 1ECO 365T FINAL EXAM – QUESTION AND
ANSWERS
Final Exam
) Which of the following will cause a change in the demand for flashlight batteries?
a. Improved technology for manufacturing batteries
b. An increase in the price of flashlights
c. A change in producers' expectations
d. A change in the price of copper
2) In economics, the steeper (i.e., more vertical) the demand curve is the more _______ it is.
a. unreliable
b. elastic
c. inelastic
d. reliable
, FINAL EXAM 2
3) A surplus will occur when ______________.
a. production quantities are falling.
b. price is above the equilibrium point.
c. price is below the equilibrium point.
d. the demand curve is shifting to the right.
e. Both c and d are correct.
4) A demand curve will shift to the left if the ______________.
a. buyers' incomes decrease.
b. number of buyers increases.
c. future expectations become more optimistic.
d. prices of substitute goods decrease.
5) A(n) ________________ is a market structure with only a few sellers.
a. monopoly
b. oligopoly
c. global market structure
d. monopolistic competition
6) A very important law in the history of American business that positively impacted the market
economy by banning monopolies and restraints of trade was ______________?
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