The satisfaction from buying a good or service is classed utility.

True

False

QUESTION 2

Microeconomics

When a corporation buys the controlling shares of stock in another corporation, a merger or acquisition has taken place. Because the two firms are related through ownership,

a the goods and services they sell must be alike

b they goods and services they sell don't need to be related

c this never happens

QUESTION 3

Microeconomics

When marginal benefit (revenue) exceeds marginal cost, net benefit (profit) rises.

True

False

QUESTION 4

Microeconomics

A market is composed of firms selling similar products and competing for the same group of buyers. The boundaries of a market are determined by

a geographic considerations and product substitutability

b Geographic considerations only

c Natural resources

d Economies of Scale

QUESTION 5

Microeconomics

To analyze competition and its effects, markets are classified into the following structures

a Pure Competition

b Monopolistic competition

c Oligopoly

d Monopoly

e none of the above

QUESTION 6

Microeconomics

Choose one 1 point

Oligopoly is characterized by a single seller facing no direct competition in a market that's impossible to enter.

True

False

QUESTION 7

Microeconomics

Choose one 1 point

Monopoly is characterized by a single seller facing no direct competition in a market that's impossible to enter.

True

False

QUESTION 8

Microeconomics

Choose all that apply 1 point

Prices of this are determined basically by the forces of supply and deman

Land

Labor

Capitol

Entrepreneurship

Cash

None of the above

QUESTION 9

Microeconomics

Choose one 1 point

Demand curve is

downward sloping

upward sloping

vertical

horizontal

QUESTION 10

Microeconomics

Choose one 1 point

The supply curve is

Downward sloping

Upward sloping

Vertical

Horizontal