ECON 1002 Microeconomics Walden
Walden University
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ECON-1002-2/MGMT-3503-2-Microeconomics Week 3 Exam
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ECON-1002-2/MGMT-3503-2-Microeconomics Summer Qtr 
Exam - Week 3 
100 out of 100 points 
1. A demand curve: 
2. The income effect that results from a price change is given by: 
3. The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: 
4. When price is below the market equilibrium price: 
5. The economic surplus to an individual from consuming a good is given by: 
6. A change...
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ECON-1002-2/MGMT-3503-2-Microeconomics Week 4 Quiz (30 out of 30 points )
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ECON-1002-2/MGMT-3503-2-Microeconomics Summer Qtr 
Quiz - Week 4 
30 out of 30 points 
1. Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: 
2. All of the following are characteristics of perfectly competitive markets except: 
3. In a firm's production planning horizon, the "long-run" refers to 
4. Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which o...
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ECON-1002-4/MGMT-3503-4-Microeconomics Week 5 Quiz
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ECON-1002-4/MGMT-3503-4-Microeconomics Week 5 Quiz 
1. An industry in which a small number of large firms sell products that are either close or perfect substitutes is: 
2. Which of the following characteristics distinguishes an imperfectly competitive industry from a perfectly competitive industry? 
3. As a result of economies of scale, as output expands: 
4. Suppose when a firm produces 1,000 units their total costs equal $5 million. When they produce 2,000 units their total costs equal $9 mil...
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Exam (elaborations) ECON 1002 Microeconomics Walden TEST BANK Questions and Answers
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Exam (elaborations) ECON 1002 Microeconomics Walden TEST BANK Questions and Answers
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Microeconomics summer revision
- Exam (elaborations) • 3 pages • 2021
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•	Question 1 
3 out of 3 points 
	 
	Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will:			 
	Selected Answer:	 
spend more hours catching lobster and supply more lobsters. 
Correct Answer:	 
spend more hours catching lobster and supply more lobsters. 
			 
•	Question 2 
3 out of 3 points 
	 
	All of the following are characteristics of perfectly competitive markets except:			 
	Selected Answer:	 
all firms produce a differenti...
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ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)
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ECON 1002 WEEK 4 QUIZ WITH ANSWERS – MGMT 3503 (30/30)
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