100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
(GCU) ECN 361 Microeconomics - Latest Final Exam Review Q & S 2024. $12.49   Add to cart

Case

(GCU) ECN 361 Microeconomics - Latest Final Exam Review Q & S 2024.

 4 views  0 purchase
  • Course
  • Business admin
  • Institution
  • Business Admin

(GCU) ECN 361 Microeconomics - Latest Final Exam Review Q & S 2024.(GCU) ECN 361 Microeconomics - Latest Final Exam Review Q & S 2024.(GCU) ECN 361 Microeconomics - Latest Final Exam Review Q & S 2024.

Preview 3 out of 24  pages

  • November 7, 2024
  • 24
  • 2024/2025
  • Case
  • Unknown
  • Unknown
  • Business admin
  • Business admin
avatar-seller
testbank11
ECN 361




Microeconomics




LATEST FINAL EXAM REVIEW
Q&S




©2024/2025

,1. Which of the following describes the concept of "price elasticity
of demand"?
- A) It measures the change in quantity supplied with a change in
price.
- B) It is the degree to which the quantity demanded of a good
changes as its price changes.
- C) It refers to the slope of the supply curve.
- D) It is determined by the elasticity of supply.
> Answer: B
> Rationale: Price elasticity of demand measures the
responsiveness of the quantity demanded to a change in price.


2. In monopolistic competition, firms differentiate their products
in order to:
- A) Capture a greater share of market power.
- B) Engage in price-fixing.
- C) Eliminate consumer choice.
- D) Ensure maximum efficiency.
> Answer: A


©2024/2025

, > Rationale: Product differentiation allows firms in monopolistic
competition to capture a greater share of market power and earn
higher profits.


3. Which of the following is an example of a perfectly competitive
market?
- A) Automobile market
- B) Wheat market
- C) Smartphone market
- D) Airline industry
> Answer: B
> Rationale: The wheat market is often cited as an example of
perfect competition due to numerous producers and a
homogeneous product.


4. The substitution effect occurs when:
- A) Consumers replace cheaper goods with more costly ones.
- B) A rise in the price of a good causes consumers to switch to a
cheaper substitute.
- C) A drop in income causes a shift in consumption preferences.
- D) Consumers ignore price changes and maintain their current
level of consumption.
> Answer: B
©2024/2025

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller testbank11. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75323 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart