Econ 201 week 5 quiz - Study guides, Class notes & Summaries
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UPDATED 2023 American Military University ECON 201 ECON201 WEEK 5 QuiZ (GRADE A)
- Exam (elaborations) • 15 pages • 2023
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verage variable cost is: 
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A. the firm's variable cost per unit multiplied by the quantity. 
• 
B. total variable cost divided by quantity. 
• 
C. the difference between average total cost and total variable cost. 
• 
D. the difference between total cost and total variable cost. 
Question 2 of 20 
Which of the following is (are) correct? 
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A. Firms are organizations that produce goods and services. 
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B. Firms seek to maximize profits. 
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C. Firms seek to utilize factors of ...
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American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2024
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American Military University ECON 201 ECON201 WEEK 5 Quiz
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American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT
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American Military University ECON 201 ECON201 WEEK 7 Quiz 
100% CORRECT 
Question 1 
Monopolistic competition is an industry characterized by a: 
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A. small number of firms producing identical products, with barriers to entry for firms. 
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B. small number of firms producing similar products, with relatively easy entry for firms. 
• 
C. large number of firms producing similar products, with relatively easy entry for firms. 
• 
D. large number of firms producing identical products, with...
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American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT
- Exam (elaborations) • 10 pages • 2023
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American Military University ECON 201 ECON201 WEEK 7 Quiz 
100% CORRECT 
Question 1 
Monopolistic competition is an industry characterized by a: 
• 
A. small number of firms producing identical products, with barriers to entry for firms. 
• 
B. small number of firms producing similar products, with relatively easy entry for firms. 
• 
C. large number of firms producing similar products, with relatively easy entry for firms. 
• 
D. large number of firms producing identical products, with...
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American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2023
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- $12.49
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American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT
- Exam (elaborations) • 10 pages • 2023
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- $7.99
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American Military University ECON 201 ECON201 WEEK 7 Quiz 
100% CORRECT 
Question 1 
Monopolistic competition is an industry characterized by a: 
• 
A. small number of firms producing identical products, with barriers to entry for firms. 
• 
B. small number of firms producing similar products, with relatively easy entry for firms. 
• 
C. large number of firms producing similar products, with relatively easy entry for firms. 
• 
D. large number of firms producing identical products, with...
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American Military University ECON 201 / ECON201 Week 6 Quiz
- Exam (elaborations) • 12 pages • 2022
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ECON 201 Week 6 Quiz 
 
 
 
 
 
Question 2 of 17 
 
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: 
 
 
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A.	a duopoly. 
 
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B.	a monopoly. 
 
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C.	an oligopoly. 
 
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D.	perfect competition. 
 
 
 
Question 3 of 17 
 
Which of the following is true in a perfectly competitive market? 
 
 
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A.	One unit of a good or service cann...
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American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2024
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- $8.99
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American Military University ECON 201 ECON201 WEEK 5 
Quiz 
Question 1 of 20 
Average variable cost is: 
• 
A. the firm's variable cost per unit multiplied by the quantity. 
• 
B. total variable cost divided by quantity. 
• 
C. the difference between average total cost and total variable cost. 
• 
D. the difference between total cost and total variable cost. 
Question 2 of 20 
Which of the following is (are) correct? 
• 
A. Firms are organizations that produce goods and services. 
•...
-
American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2023
-
- $7.99
- + learn more
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