Econ 301 - Study guides, Class notes & Summaries
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ECON 301 Chap011 LATEST
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ECON 301 Chap011 LATEST
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3rd year core courses
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Includes Intermediate Micro and Macro Economics study notes
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ECON 301- Chapter 5, 6,7,13 & 14 Questions and Answers
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TRUE/FALSE
1. Control of a scarce resource or input can serve as an entry barrier.
ANS: T PTS: 1
2. A monopoly firm can sell as much output as it wants at whatever price it sets.
ANS: F PTS: 1
3. Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive
industries.
ANS: F PTS: 1
4. A profit-maximizing mo
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01-Chapter 7—Market Efficiency and Welfare . Questions and Answers
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01-Chapter 7—Market Efficiency and Welfare . Questions and Answers 
 
TRUE/FALSE 
1. If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays 
$40, she receives a consumer surplus of $35. 
ANS: T PTS: 1 
2. If James is willing to sell an extra concert ticket for $40 and actually sells it for $100, his consumer 
surplus is $60. 
ANS: F PTS: 1 
3. If the world supply of diamonds decreases, diamonds become more valuable, and therefore, the 
consumer surpl...
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CHAPTER 34-Externalities QUESTIONS WITH VERIFIED ANSWERS
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CHAPTER 34-Externalities 
TRUE/FALSE 
1. A trade between two people is an example of an externality. 
ANS: F DIF: 1 
2. The only known way to eliminate externalities is through taxes or subsidies. 
ANS: F DIF: 1 
3. The efficient amount of air pollution is in general independent of whether polluters or pollutees pay to 
reduce pollution. 
ANS: F DIF: 1 
4. A Pigouvian tax on pollution is designed to collect enough revenue to pay for pollution detection by 
the government. 
ANS: F DIF: 1 
5. If t...
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ECON 301 Chap011 LATEST
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ECON 301 Chap011 
ECON 301 Chap011 
ECON 301 Chap011
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ECON 301
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ECON301SYL2017Fall_
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Section 1 Formulas
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Cheat Sheet of formulas for Intermediate Microeconomics. Great if you have open-book quizzes or tests, missed class, or need a reference in-class.

Topics Covered: 
-Budget Constraints
-Consumer Preferences and Utility
-Consumer Choice

This is chapter 3 of Pindyck and Rubinfeld

Based off of terms covered in WVU ECON 301 and Pindyck and Rubinfeld 9th Edition Microeconomics textbook.
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