1 If elasticity of demand is equal to one, the good or services would be A.) Inelastic B.) Unitarily elastic C.) Elastic D.

1

If elasticity of demand is equal to one, the good or services would be

A.) Inelastic

B.) Unitarily elastic

C.) Elastic

D.) Consumers willingness to purchase goods or services

2

What type of demand curve does a perfectly competitive market structure face?

A.) Perfectly inelastic curve 

B.) Upward sloping demand curve

C.) Perfectly elastic demand curve

D.) Downward sloping demand curve

3

Which type of market structure maximizes profits at the point in which marginal revenue equals marginal cost?

A.) Monopolies

B.) Natural monolpolies 

C.) Oligopolies

D.) Perfect and imperfect market structure

4

Which types or market structure are more prominet in teh united states?

A.) Monopolies

B.) Monopolies and oligoplies

C.) Perfectly competitive market structure and monopolstic competitive market structures

D.) Monopolstic market structures and olipolies

5

For an imperfect market structure, if marginal revenue (MR) > marginal cost (MC), the firm will do the following:

A.) Remain at the same level of production

B.) increase output

C.) decrease output

D.) shutdown