ECP 3704 Final Exam Questions & Answers – 100% Pass Guaranteed | Graded A+

ECP 3704 FINAL EXAM QUESTIONS
AND ANSWERS; 100% PASS
GUARANTEED; GRADED A+


A 25 percent decrease in the price of breakfast cereal
leads to a 20 percent increase in the quantity of cereal
demanded. As a result: - correct answer- total
revenue will decrease.


A market where a few firms produce most of the output is
called a(n) - correct answer- oligopolistic
market.


A perfectly competitive firm faces a: - correct
answer- Perfectly elastic demand function


As price raises, demand - correct answer-
remains the same.


Consider a market characterized by the following inverse
demand and supply functions: PX = 10 - 2QX and PX = 2 +

, 2QX? Compute the equilibrium price and quantity in this
market. - correct answer- $6 and 2 units,
respectively


Differentiated goods are not a feature of a - correct
answer- Perfectly competitive market and
monopolistic market


Firms can have market power in: - correct answer-
Monopolistically competitive markets and monopolistic
markets


For the cost function C(Q) = 100 + 2Q + 3Q2, the variable
cost of producing 10 units of output is - correct
answer- 320


For the cost function C(Q) = 100 + 4Q + 5Q2, the marginal
cost of producing the 5th unit of output is approximately
- correct answer- 49