Graded Quiz Unit 6 ECON1580 100 Procent.pdf - Question 1...

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Question Correct Mark 1.00 out of 1.00 Question text A statement that best reflects an evaluation of monopoly firms is that: Select one: 1 a. they have a great deal of market power. b. they are economically efficient. c. consumers are given more choices, lower costs, and higher quality. d. competition should replace all monopolies. Feedback The correct answer is: they have a great deal of market power.
Question Correct Mark 1.00 out of 1.00 Question text What do economists mean by the term "sticky wage?" Select one: 2
Question Correct Mark 1.00 out of 1.00 Question text The market for plumbing services in a city can be characterized by the model of monopolistic competition. Suppose that the market is initially in long-run equilibrium, and then there is an increase in demand for plumbing services. We expect that in the long run: Select one: 3
Question Correct Mark 1.00 out of 1.00 Question text Because tourist demand for airline flights is relatively _______ , small _______ in price will result in relatively _______ in additional tourists. Select one: 4
Question Correct Mark 1.00 out of 1.00 Question text 5

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