
Midterm Examination - Managerial Economics
Authored by Lorence Abejuela
Business
University
Used 4+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer sells his produce at a local public market where many sellers offer identical products, and buyers can freely compare prices. Which market structure is this?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A single company controls the entire supply of tap water in a city and sets prices without competition. This is an example of:
Oligopoly
Perfect competition
Monopolistic competition
Monopoly
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A smartphone market has three large firms dominating sales, with each reacting to the pricing and marketing moves of the others. This describes:
Monopoly
Oligopoly
Perfect competition
Monopsony
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A small bakery differentiates itself by offering unique bread flavors not found elsewhere in town, even if other bakeries exist. This is an example of:
Monopoly
Monopolistic competition
Monopolistic competition
Oligopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entry of a foreign fast-food chain in the Philippines increases competition for local brands. This is an example of:
Economic globalization impact
Government regulation
Market exit
Technological change
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a global recession, consumers reduce spending on luxury goods but maintain purchases of essential items. This behavior reflects:
Income elasticity of demand
Cross elasticity of demand
Price elasticity of demand
Market failure
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price drop in chicken causes a decrease in demand for pork. This is an example of:
Supply elasticity
Price elasticity
Income elasticity
Cross elasticity
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