Posted: June 20th, 2022
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.
Place an order in 3 easy steps. Takes less than 5 mins.