Spring2012-Practice Final Exam (Chpt 11-14,16)
1. Which of the following is not a basic characteristic of monopolistic competition?
A. the use of trademarks and brand names
B. recognized mutual interdependence
C. product differentiation
D. a re
The Demand for Resources
A. Short-Answer, Essays, and Problems
1. What are four significant reasons for studying resource pricing?
2. The theory of resource pricing is sometimes referred to by economists as the theory of
income distribution. Wh
Micro Chapter 25 Practice Questions Key
1. Derived demand is the demand:
that arises because of monopoly control of resources in a market.
for a product based on the tastes and preferences of consumers.
derived from consumer satisfaction with a p
Econ 202: Essay Project
Microeconomics Essay Project
The economy is a very complex place. It controls how people choose to spend
their money, and various other financial decisions. Many people do
Econ 202 Essay Project
Answer the following questions. Use at least three sources/references in
addition to your text book to develop a comprehensive essay report. You can
include tables or graphs. Length of essay is three pages (stapled), typ
Name: _ Date: _
The strength of the demand for a resource depends on the:
supply of the resource.
productivity of the resource.
law of increasing product cost.
law of diminishing marginal utility.
The demand for a productive resource is said to be "derive
(Key Question) Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Units of labor 0 1 2 3 4 5 6 Marginal revenue product $_ _ _ _ _ _
Total product 0 17 31 43 53 60