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A detailed midterm exam for microeconomic principles (econ 103), covering various key concepts such as labor productivity, relative prices, market structures, and financial intermediaries. the exam includes multiple-choice questions with answers, offering students a valuable opportunity to test their understanding and identify areas needing further review. the questions delve into core economic principles and their applications, making it a useful resource for students to assess their knowledge and prepare for future assessments.
Typology: Exercises
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C. American labor is more productive because our workers are paid more than workers in Sri Lanka.
C. Where marginal cost is equal to marginal revenue.
B. The price of the good is determined by all other variables.
A. $60,000.
A. Advertising lowers prices and is a form of competition.
B. Perfect price discriminating monopolists do not restrict output but raise price as compared to the perfect price competition market.
D. They lower transactions costs.
A. Supply is elastic.
What is the economic reason for the difference in average hourly wages between workers in Sri Lanka and the USA?
At what quantity would a firm maximize profits?
Which of the following is not true with respect to relative price?
If the bank pays savers 3.5%, charges borrowers 7%, has 1.5% administration expenses, and has $2 million in loanable funds, what are the bank's total profits?
Which of the following is not true about advertising?
Which of the following statements about monopolies is not true?
What is the main economic reason for the existence of financial intermediaries like banks?
If the coefficient of elasticity is +1.7, what can be inferred?