Sophia Microeconomics Final Milestone.docx - Microeconomics...

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Microeconomics – Final Milestone22questions were answeredcorrectly.3questions were answeredincorrectly.1Assuming ceteris paribus, which of the following is FALSE?When the price of a good rises, the quantity supplied of that good rises.When the price of a good falls, the quantity demanded of that good rises.When the price of a good rises, the quantity demanded of that good rises.When the price of a good falls, the quantity supplied of that good falls.CONCEPTDemandSupply2
Which of the following is a characteristic of monopolisticcompetition?
CONCEPTMonopolistic Competition3Which of the concepts below is a characteristic of a Veblen good?
As income increases, demand for less expensive goods decreases.As price of the good increases, demand for it increases to establish prestige.An increase in price of the good causes a decrease in quantity demanded.A good that offers better quality and features that is consumed when income rises.CONCEPTTypes of Goods4Which of the following is an example of moral hazard?CONCEPT
Details on Regulatory Intervention and Market Failure5Which scenario corresponds with economies of scale?A decrease in production will cause the next unit to cost the same.A decrease in production will cause the next unit to first increase in cost, then decrease,then increase again.An increase in production will cause the cost of the next unit to increase.An increase in production will cause the cost of the next unit to decrease.CONCEPTEconomies, Constant and Diseconomies of Scale
6This firm is currently producing at 25 units; which of the followingshould it do in order to maximize profit?

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Term
Fall
Professor
Benjamin Wright

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