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Question;MULTIPLE CHOICE;1. A competitive market is characterized by;a. the absence of entry barriers;b. many buyers with a single;seller;c. imperfect information;d. a differentiated product;2. If the market for a good or service is;competitive;a. there are many independent buyers and;sellers;b. buyers and sellers have no;control over price;c. there are no entry barriers;d. all of the above;3. Which of the following is NOT a;characteristic of a private good?;a. rivalry in consumption;b. benefits of consumption are nonexcludable;c. consumption of the good;precludes consumption by another individual;d. the benefits to a consumer of;consuming the good are exclusive to that individual;4. According to the theory of demand;a. a change in the consumer?s;income or wealth changes the entire demand relationship;b. the consumer?s willingness to;pay is also called the demand price;c. demand price measures the;marginal benefit (MB) of consuming;another unit of the good;d. a change in product price;changes quantity demanded;e. all of the above;5. Horizontal summing of individual;demands yields;a. the market demand for a private good;b. the market supply of a private;good;c. the market demand for a public;good;d. the market supply of a public;good;6. If the demand for recycled plastic is specified as QD = 100 ? 2.5P, the slope of demand, as;conventionally graphed, is;a. ?2.5 b. ?0.4 c. +100 d. none of the above;7. If market demand for solar panels is specified as QD = 100 ? 2.5P, the vertical intercept of demand, as;conventionally graphed, is;a. +100 b. ?100 c. ?2.5 d. +40;8. If supply in the market for air filters is specified as QS = 24 + 3P, then, when conventionally graphed;a. the vertical intercept is +24;b. the slope of the supply curve;is +3;c. the horizontal intercept is +3;d. none of the above


Paper#54963 | Written in 18-Jul-2015

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