Week 4 Quiz.docx - Week 4 Quiz Question 1 What kind of...

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Week 4 QuizQuestion 1What kind of profits are a signal for firms to move in or out of an industry?
Question 2What does the perfect competition assumption “free exit” mean?
Question 3If the price of a good were greater than its marginal cost (P > MC), consumers would be __________.
Question 4In order to make the most profit, airlines must consider which class of airfare consumers has the MOSTinelastic demand, so they can charge them higher fares. That class would be __________.
Question 5In a microeconomic context, price discrimination means __________.
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Term
Spring
Professor
Perkins
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