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Category: Microeconomics
Economics practice exam Q1. What is utility? What are the types of utilities?(8marks) Q2. What is the difference between Monopoly and Monopolistic competition?(8marks) Q3. What is the difference between Returns to factors and returns to scale?(6marks) Q4. Explain the four factors of production with ...
Category: Microeconomics
Price elasticity of supply Measures the responsiveness of quantity supplied relative to a change in price   PES Formula   PES Conditions If...PES=0 Perfectly price inelastic supply0<PES<1 Price inelastic supplyPES=1 Price unitary elastic supplyPES>1 Price elastic supplyPED=inf Perfectly pr...
Category: Microeconomics
Which statements correctly explain price floors and price ceilings? Check all that apply. 3-Price floors help producers by raising prices.4-Price ceilings help consumers by lowering prices.5-Effective price floors are set above equilibrium.6-Effective price ceilings are set below equilibrium.   Whi...
Category: Microeconomics
Which of the following can best be characterized as a subject of microeconomics? an examination of consumer behavior   Which of the following can best be characterized as a subject of macroeconomics? an examination of inflation     _____________examines economies on a large scale, while ___________...
Category: Microeconomics
1. Which of the following is not a characteristic of a monopoly?a. the seller has market powerb. one sellerc. free entry and exitd. a product without close substitutes C   2. Which of the following statements is not correct?a. Consumers will likely benefit in the form of lower prices from buying a ...
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