Econ201 quiz 7 - Study guides, Class notes & Summaries
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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: 
• 
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, wit...
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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
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American Military University ECON 201 ECON201 WEEK 7 Exam Questions Quiz 100% CORRECT
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American Military University ECON 201 
ECON201 WEEK 7 Exam Questions 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 ident...
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American Military University ECON 201 / ECON201 Week 7 Quiz
- Exam (elaborations) • 5 pages • 2022
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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 relatively easy entry for firms. 
 
 
 
Answer Key:C Q...
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American Military University - ECON 201 / ECON201 Quiz 1
- Exam (elaborations) • 6 pages • 2022
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ECON201 Quiz Week 1 
 
Question 1 of 15 
The branch of economics that examines the impact of choices on aggregates in the economy is: 
 
A.	positive economics. 
 
B.	normative economics. 
 
C.	macroeconomics. 
 
D.	microeconomics. 
 
Question 2 of 15 
When we are forced to make choices we are facing the concept of: 
 
A.	ceteris paribus. 
 
B.	free goods. 
 
C.	scarcity. 
 
D.	the margin. 
 
 
Question 3 of 15 
An economic system is the set of rules that define	and	. 
 
A.	resources; prices 
 
B...
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ECON201-Quiz 7 Q&A 2023 Updated
- Exam (elaborations) • 1 pages • 2023
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Welfare economics is the study of - ANS-how the allocation of resources affects 
economic well-being 
The maximum price that a buyer will pay for a good is called - ANS-willingness to pay 
Consumer surplus is -Continues...
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ECON201-Quiz 7 Q&A 2023 Updated
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Welfare economics is the study of - ANS-how the allocation of resources affects 
economic well-being 
The maximum price that a buyer will pay for a good is called - ANS-willingness to pay 
Consumer surplus is - Continues...
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