ECN 361 Microeconomics LATEST FINAL EXAM REVIEW QUESTIONS & ANSWERS

ECN 361 Microeconomics LATEST FINAL EXAM REVIEW QUESTIONS & ANSWERS

1. Which of the following describes the concept of "price elasticity
of demand"?
 - A) It measures the change in quantity supplied with a change in
price.
 - B) It is the degree to which the quantity demanded of a good
changes as its price changes.
 - C) It refers to the slope of the supply curve.
 - D) It is determined by the elasticity of supply.
 > Answer: B
 > Rationale: Price elasticity of demand measures the
responsiveness of the quantity demanded to a change in price.
2. In monopolistic competition, firms differentiate their products
in order to:
 - A) Capture a greater share of market power.
 - B) Engage in price-fixing.
 - C) Eliminate consumer choice.
 - D) Ensure maximum efficiency.
 > Answer: A

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