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Module 1: Introduction to Economic Problems and Elasticity of Demand
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Module 1: Introduction to Economic Problems and Elasticity of Demand

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Questions and Answers

In a perfectly competitive market, what is the characteristic of the demand curve faced by a single firm?

  • Relatively elastic
  • Perfectly elastic (correct)
  • Perfectly inelastic
  • Relatively inelastic

    • What is the main characteristic of a monopoly market structure?

  • Many sellers offering identical products
  • A single seller with market power (correct)
  • No barriers to entry or exit
  • Perfect information available to all market participants

    • What is the main determinant of the price and output level in a monopoly market?

  • Perfectly elastic demand curve
  • Number of competitors in the market
  • Industry demand curve
  • Marginal cost of production (correct)

    • What does the concept of 'excess capacity' refer to in monopolistic competition?

    <p>The underutilization of resources due to product differentiation</p> Signup and view all the answers

    In a perfectly competitive market, what is the relationship between marginal revenue and price?

    <p>Marginal revenue equals price</p> Signup and view all the answers

    What does the law of variable proportions explain about production?

    <p>The relation between input and output levels in the short run</p> Signup and view all the answers

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