Posted: June 20th, 2022

ECO 561 Week 1 Knowledge check

ECO 561 Week 1 Knowledge check

 ECO/561 Week 1 Knowledge check (All 12 MCQ) 1 . Revenue increases when·         2 . An increase in the price of an inelastic good·         3 . Price elasticity of Demand increases when·         4 . The purpose of a market in a market system is to·      5 . By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization?·        6 . The market system promotes progress by·        7 . Productive efficiency is achieved when·         8 . The market is said to be in equilibrium when·         9 . The market will move to a higher equilibrium price if·          10 . The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if·          11 . When a price ceiling occurs·          12 . Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies? 100 % result guarantee.