Economics Paper 27

1

The difference between what a consumer is willing to pay for a unit of a good and what must be paid when actually buying it is called:






2

Which of following is a key assumption of a perfectly competitive market?






3

the firm maximizes profit by operating at the level of output where:






4

The demand curve facing a perfectly competitive firm is:






5

The monopolist has no supply curve because:




6

A market with few entry barriers and with many firms that sell differentiated products is:






7

Welfare economics is a branch of economics dealing with:






8

___________________ are goods that people must get a flavor of before they can consider buying them.






9

Which of the following does not refer to macroeconomics?






10

----------------- is the entire satisfaction one derives from consuming goods or services:






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