ECO561 ECO/561 Week 1 Quiz (12/12)

ECO561 ECO/561 Week 1 Quiz (12/12)

1.Revenue increases when?? 2.An increase in the price of an inelastic good3.Price elasticity of Demand increases when4.The purpose of a market in a market system is to5.By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization?6.The market system promotes progress by7.Productive efficiency is achieved when8.The market is said to be in equilibrium when9.The market will move to a higher equilibrium price if10.The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if11.When a price ceiling occurs12.Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?


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