Principles of Economics Chapters 12-15 Quiz

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Created by: Henry Martin
  1. What is Perfect Equilibrium?
  2. What would happen to the Price as the technology of a product advances, demand increases, and costs in the industry go down to produce it?
  3. The demand curve in an industry shifts to the left, what is likely to happen to the supply curve on the same graph?
  4. Firms and Households are described as 'price takers', what does this mean?
  5. The Pareto optimal is...
  6. What is a monopoly?
  7. What is imperfect competition?
  8. What happens when firms price about the marginal cost?
  9. Price discrimination is when....
  10. Which of the following cannot be considered as an oligopoly?
  11. What is collusion?
  12. The Cournet model working depends on three things, which of these four is it not dependent on?
  13. What is Game theory?

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