Econ1002 - Study guides, Class notes & Summaries

econ1002-hd-in-depth-notes

ECON1002: Microeconomics Exam2 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of...

Sophia Microeconomics Milestone 1

ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The...

ECON1002_final_exam_Sem_2

ECON 1002 WEEK 5 QUIZ – Question and Answers (Correct Answers).

Sophia Microeconomics Milestone 2

ECON1002: Microeconomics Instructor: Qingbin Wang Final Instruction: Please choose the most appropriate answer and follow the instructions on Ulearn to submit your answers. The answers on the problem set will NOT be graded. Good luck! Please choose the most appropriate answer to each question. 1. The main determinant of elasticity of supply is the: A. number of close substitutes for the product available to consumers. B. amount of time the producer has to adjust inputs in response t...