Con 101 - Study guides, Class notes & Summaries

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 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: Gateman (FINAL EXAM) With complete solution Newest

Suppose that the demand for candy is less elastic than the supply of candy. If a tax is imposed on sellers of candy, which of the following is true? A. Sellers will bear all of the tax burden. B. Sellers will bear a larger share of the tax burden since the tax is imposed on them. C. Sellers will bear a smaller share of the tax burden because supply is more elastic than demand. D. Sellers will bear none of the tax burden. correct answersC Which of the following is a government subsidy? ...

Econ 1010 Final Exam With Complete Solutions Latest Update 2024

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 Review Questions and Answers 100% Solved with complete solutions

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...