ECO561 Quizzes Week 1, 2, 3, 4, 5, 6 - 18516

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Revenue increases when 

An increase in the price of an inelastic   good  

Price elasticity of Demand increases when

The purpose of a market in a market system

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?

The market system promotes progress 

Productive efficiency is achieved 

The market is said to be in equilibrium 

The market will move to a higher equilibrium price 

The intersection of supply and demand will be 

When a price ceiling occurs 

Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?

13 questions and answers from week 2; 23 questions and answers from week 3; 10 questions and answers from week 4; 12 questions and answers from week 5; and 6 questions and answers from week 6.

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