ECON 1002 WEEK 5 QUIZ – QUESTION AND ANSWERS. 2021
ECON 1002 WEEK 5 QUIZ – QUESTION AND ANSWERS • Question 1 3 out of 3 points An industry in which a small number of large firms sell products that are either close or perfect substitutes is: Selected Answer: an oligopoly. Correct Answer: an oligopoly. • Question 2 3 out of 3 points Which of the following characteristics distinguishes an imperfectly competitive industry from a perfectly competitive industry? Selected Answer: The ability of firms to set their own price. Correct Answer: The ability of firms to set their own price. • Question 3 0 out of 3 points As a result of economies of scale, as output expands: Selected Answer: fixed costs are decreasing. Correct Answer: average total costs are decreasing.
Geschreven voor
- Instelling
- Walden University
- Vak
- ECONOMICS (ECON1002)
Documentinformatie
- Geüpload op
- 20 mei 2021
- Aantal pagina's
- 4
- Geschreven in
- 2021/2022
- Type
- Tentamen (uitwerkingen)
- Bevat
- Vragen en antwoorden
Onderwerpen
-
econ 1002 week 5 quiz – question and answers • question 1 3 out of 3 points an industry in which a small number of large firms sell products that are either close or perfect substitutes is s
