e11000 1010 mwf SP19 .doc - MIDTERM EXAM FOR 10:10 CLASS...

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1 MIDTERM EXAM FOR 10:10 CLASS DUE DATE: WEDNESDAY, FEBRUARY 13 EACH QUESTION IS WORTH 10 POINTS. . Questions on Lectures and Outside Readings 1. The market system relies on _______. The nonmarket system relies on _______. a. individualism // communitarianism b. communitarianism // individualism c. individualism // also individualism d. communitarianism // also communitarianism 2. In microeconomics one determines the supply and demand for apples to answer the question of why one is more expensive than the other. Macroeconomics considers inflation. a. true b. false 3. Many Coca-Cola bottlers reduced the price of Coca-Cola several years ago because of a decrease in the price of sugar, an important ingredient in the production of Coke. This implies 4. Pure monopoly is a market structure characterized by 5. Which of the following is NOT a characteristic of the monopolistic competition market structure? 6. A graph a. can be used to show either a positive or negative relationship between two variables. b. can illustrate both the law of supply and the law of demand. c. is used because it is impossible to describe any economic relationship verbally. d. all of the above. e. both a) and b) are correct. `
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2 The next three questions on (This is the You Tube video on oligopoly behavior.) 7. The kinked demand curve, which is associated with ________ shows that prices ______.
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