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Diseconomies of scale
Diminishing marginal productivity
Economies of scale
3). Suppose that college tuition is higher this year than last and
that more students are enrolled in college this year than last
year. Based on this information, we can best conclude that:
despite the increase in price, quantity demanded rose due
to some other factors changing.
the demand for a college education is positively sloped.
the law of demand is invalid.
this situation has nothing to do with the law of demand.
Alcoholic beverages
Pollution
Education
Roller coaster rides
6). The theory that quantity supplied and price are positively
related, other things constant, is referred to as the law of:
supply
profit maximization
opportunity cost
demand
9). Alex is playing his music at full volume in his dorm room.
The other people living on his floor found this to be a nuisance,
but Alex doesnt care. Alexs music playing is an example of:
Pareto externality
Positive externality
Negative externality
Normative externality
Eventually declines
20). There are many restaurants in the city of Raleigh, each one
offering food and services that differ from those of its
competitors. There is also free entry of sellers into the market,
and each seller serves a very small fraction of the total number
of meals served each day. The restaurant industry in Raleigh is
best characterized as:
Perfectly competitive.
Monopolistically competitive.
A pure monopoly.
An oligopoly.
The
The
The
The
law
law
law
law
of
of
of
of
demand
diminishing marginal productivity
supply
diminishing marginal utility
The slope and the elasticity fall as you move down the
demand curve.
The slope and elasticity are the same at all points.
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