Question

The monopolistic competition market structure is characterized by:

Question 11 options: Few firms and similar products.

Many firms and differentiated products.

Few firms and a homogeneous product.

Many firms and a homogeneous product.

Which of the following states the law of supply?

Question 13 options:

There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.

There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.

There is a negative relationship between the price of a good and the quantity that buyers purchase.

More of a good is supplied at a lower price.

Which of the following statements are true?

Question 17 options:

Total utility is the satisfaction from the entire consumption of a good.

Utility measures the satisfaction obtained from a good.

Marginal utility is the additional satisfaction from consuming the last unit of a good.

All of the above are true

The Latin expression ceteris paribus means:

Question 29 options:

economic model.

economists are partly right.

If a 2 percent change in the price of a good produces a 10 percent change in the quantity demanded, the elasticity of demand is:

Question 39 options:

Inelastic.

Elastic.

Perfect elastic.

Unit elastic.

everything else being unchanged

partial scarcity is certain.

Answer 1

Answer 11) The monopolistic competition market structure is characterized by: Many firms and differentiated products. Monopolistic competition characterizes an industry wherein numerous organizations offer items or administrations that are comparable, however not impeccable substitutes. Hindrances to section and exit in a monopolistic competitive industry are low, and the choices of any one firm don't legitimately influence those of its competitors.

Answer 13) Law of supply states that there is a postive relationship between the price of a good and the quantity offered for sale by suppliers.

Answer 17) Total utility is the satisfaction from the entire consumption of a good.

Utility measures the satisfaction obtained from a good.

Marginal utility is the additional satisfaction from consuming the last unit of a good.

All of the above are true.

Answer 29) Ceteris Paribus means everything else remains constant.

Answer 39) Elasticity of demand = %Change in Quantity Demanded / %Change In Price

% Change in Quantity Demanded =10

% Change in Price = 2

= 10 / 2

= 5.

Elastic is the answer.