Econ 101 quiz 1 7 - Study guides, Class notes & Summaries

ECON 101 Week 5 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Average variable cost is: the firm's variable cost per unit multiplied by the quantity. total variable cost divided by quantity. the difference between average total cost and total variable cost. the difference between total cost and total variable cost. Question 2 10 / 10 points Which of the following is (are) correct? Firms are organizations that produce goods and services. Firms seek to...

ECON 101 Week 7 Quiz Winter 2024 Already passed;AMU Week 7 Quiz (Chapter 11) - Results Attempt 1 of 1 Written Apr 26, 2024 9:53 AM - Apr 26, 2024 10:13 AM Attempt Score 100 / 100 - 100 % Overall Grade (Highest Attempt) 100 / 100 - 100 % Question 1 10 / 10 points Monopolistic competition is an industry characterized by a: small number of firms producing identical products, with barriers to entry for firms. small number of firms producing similar products, with rel...

ECON 101 Week 1 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: ceteris paribus. free goods. scarcity. the margin. Question 310 / 10 points An economic system is the set of rules that define a...

ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points A shift of a demand curve to the right, all other things unchanged, will: . decrease equilibrium price and quantity. decrease quantity and increase price. increase quantity and decrease price. Question 2 10 / 10 points If the current price is above the equilibrium price, we would expect: quantity demanded to exceed quantity supplied. upward pressure on price. no change in the mar...

ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Demand is price inelastic if: the price of the good responds slightly to a quantity change. the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. all of the above are true. Question 2 10 / 10 points If the absolute value of price elasticity is greater than 1, thi...

ECON 101 Week 6 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Perfect competition is characterized by: rivalry in advertising. fierce quality competition. the inability of any one firm to influence price. widely recognized brands. Question 2 10 / 10 points An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: a duopo...

ECON 101 Week 2 Quiz Ch 3 Week 2 Quiz (Chapter 3) Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points A shift of a demand curve to the right, all other things unchanged, will: A.increase equilibrium price and quantity. B.decrease equilibrium price and quantity. C.decrease quantity and increase price. D.increase quantity and decrease price. Question 2 of 10 10.0 Points If the current price is above the equilibrium price, we would expect: A.quantity demanded to exceed...

ECON 101 Week 2 Quiz Ch 3 Week 2 Quiz (Chapter 3) Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points A shift of a demand curve to the right, all other things unchanged, will: A.increase equilibrium price and quantity. B.decrease equilibrium price and quantity. C.decrease quantity and increase price. D.increase quantity and decrease price. Question 2 of 10 10.0 Points If the current price is above the equilibrium price, we would expect: A.quantity demanded to exceed...