Mth 171

Mth 171

University

17 Qs

quiz-placeholder

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Mth 171

Mth 171

Assessment

Quiz

Mathematics

University

Practice Problem

Easy

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In imperfect competition makets, the supplier cannot control over the price?

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve in imperfect competition markets often slopes downward? True or False

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve in perfect competition market is similar to the MR curve? True or False

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a monopoly market, the total revenue only slopes upward? True or False

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

PED is defined to be the amount of change in quantity divided by that in price. True or false?

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is called elastic when the absolute value of PED is larger than 1. True or false?

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, "elasticity" can measure

A. whether a price increase causes quantity demanded to increase or decrease

B. the strength of an economy's tendency to recover from recession

C. the responsiveness of decision makers to economic changes in prices

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