Ecn 104 test - Study guides, Class notes & Summaries

ECN 104 TEST QUESTIONS WITH ALL CORRECT ANSWERS Why will an existing demand curve shift towards the right - Answer- because the quantity demanded for the good is larger so it curves towards the right (more buyers) why will an existing demand curve shift towards the left - Answer- the quantity demanded for the good goes down (less buyers) so it curves towards the left Why will an existing supply curve shift towards the right - Answer- the quantity supplied for the good is more so it curve...

ECN 104 Microeconomics Final Test Questions and Correct Answers 100% Guaranteed Pass Perfect Competition Characteristics - Answer- - very large # of sellers - standardized product - "price takers" - perfectly elastic demand - demand graphs as horizontal line Monopoly Characteristics - Answer- - single seller - no close substitutes - price maker - blocked entry - non-price competition Monopolistic Competition Characteristics - Answer- many sellers, product differentia...

ECN 104 Chapter 13 Test Questions and Answers 100% Correct 2 types of price regulation - Answer- 1. avg cost pricing ( P = ATC ) 2. Marginal cost pricing ( P = MC) Price discrimination - Answer- charging different prices for same good in order to increase profits. single price monopolist - Answer- offers its product to all consumers at the same price Perfect price discrimination - Answer- charges each consumer price equal to their willingness to pay to maximize profit - Answer- ...

ECN 104 Chapter 7 Test Questions and Answers All Correct When ___________ are paying tax it affects supply - Answer- sellers When ________ are paying tax it affects demand - Answer- buyers Tax Incidence - Answer- measure of who really bears the tax burden Principles of taxation - Answer- 1) incidence doesn't depend on who officially pay the tax 2) Incidence depends on shapes of supply / demand curves ( price elasticities) Deadweight loss - Answer- larger when supply/ demand is...

ECN 104 Microeconomics Krugman 3rd Edition Test Bank