# ECO 561T Apply Week 3 Assignment New

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ECO 561T Apply Week 3 Assignment New

ECO 561T Apply Week 3 Assignment

1) The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm:

2) If a firm faces a downward-sloping demand curve, then:

3) Given the demand curve it faces, if an imperfectly competitive firm wants to sell another unit of output, it must:

4) To sell an extra unit of output, a perfectly competitive firm ______, and an imperfectly competitive firm ______.

5) Suppose a perfectly competitive firm and a monopolist are both charging \$5 for their respective products. From this, one can infer that:

6) A price setter is a firm that:

7) In many cities in the United States, a single firm provides electricity. Those firms are:

8) A pure monopoly exists when:

9) If a firm functions in an oligopoly, it is:

10) An imperfectly competitive firm faces a demand curve that is:

11) The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:

12) Suppose Michael is willing to drive across town to save 40 percent on a sweatshirt with a list price of \$80. If Michael is rational, this implies that he should

13) According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus:

14) Suppose Alyssa is willing to drive across town to save 50 percent on a soccer ball with a list price of \$40. If Alyssa is rational, this implies that she should:

15) Consider two coupons: one offers 50 percent off a scarf that costs \$20, and the other offers 5 percent off a jacket that costs \$200. Using either coupon requires driving to the shopping mall across town. According to the Weber-Fechner law, which coupon will people tend to perceive as being more valuable?

16) Corey is having difficulty deciding between two dishwashers, A and B. As shown in the accompanying diagram, A makes more noise than B, but is cheaper. Ideally, Corey would like a dishwasher that is both quiet and inexpensive.

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