What factors influence the advertising objectives of a product?

Which is the best definition of Elasticity?

What are the two types of externalities?

What type of externality occurs when a firm's production process pollutes the environment,  harming nearby residents?

Who is affected by negative externalities?

It includes moral codes, charities and business mergers or contracts in the self interest of relevant parties.

What is the goal of public policies addressing externalities?

Ensures that competitive environments are preserved in order to maintain an efficient and equitable capitalistic system.

Which of the following is an example of a market-based policy?

Which policy gives businesses more flexibility?

What is one weakness of market-based policies?

Which policy approach is better for immediate action?

What are the agents of production?

What does behavioral economics focus on?

This is the actions used by current businesses to discourage new entrants, such as datory pricing or exclusive contracts.

What typically causes a movement along the supply curve?

Why do governments regulate monopolies?

In a monopoly graph, the point where marginal revenue (MR) equals marginal cost (MC)

determines __________.

There are ___ degrees of price discrimination

Which pricing strategy involves charging different prices for the same product based on the consumer's willingness to pay?

An organization's ability to control the price of a product.

Firms with market power can practice price discrimination by:

It refers to the number of workers employers are willing to hire at different wage levels.

In the context of general equilibrium, which best describes the concept of Pareto efficiency?

What is the formula used to calculate the total cost of production?

А _________ is an ideal market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, perfect information, and price-taking behavior

is a process by which inputs are combined, transformed, and turned into

outputs.

an organization that comes into being when a person or a group of people

decides to produce a good service to meet a perceived demand.

Under certain conditions, when externalities are present, private parties can arrive at the efficient solution without government involvement.

What is the primary factor that influences consumer choice?

Which of the following curves are NOT U-shaped?

In the short run, which type of costs remain constant regardless of the output level?

What is the primary purpose of a firm's short-run production decision?

What is a theoretical market structure characterized by several key features, such as a large

number of buyers and sellers, identical products, and free entry and exit from the market?

What is the concept of diminishing returns?

A theory which studies the entire economy rather than taking only into account a part of the market?

This efficiency is when firms produce at the lowest possible cost, maximizing output without

waste.

It is simply the market where land is traded.

What happens to consumer spending when people have more money to spend?

Economies of scale are present when:

In the long run, a firm's costs are:

This organization manages oil production among its members to influence and stabilize global oil prices.

One factor of Market Structure and Competition states that firms focus on differentiation, branding, and advertising to gain market share.

What is the term for a formal agreement among oligopolies to adopt policies that will restrict or reduce the level of competition in the market?

 group of firms that gets together and makes joint price and output decisions to maximize

joint profits.

The word “oligopoly” comes from the Greek word 

This uncertainty arises from situations where the probability of different outcomes can be quantified or estimated, but the exact outcome is still unknown.

The following are reasons why asymmetric information happens, except one. What is it?

It refers to a situation in which the future economic environment is challenging to predict, and there is a high degree of risk or unknowns involved.

This asymmetric information occurs when one party in a transaction has more information about the product or service than the other, which can lead to problems in the market.

Which is NOT one of the reasons why asymmetric information happens in the market.

This type of uncertainty is based on personal judgment, beliefs, or perceptions.

This is a concept that represents the level of satisfaction or happiness a person gets from

consuming a good or service.

This is when someone prefers a guaranteed outcome over a riskier choice.

Which country is an example of successfully managing natural resources through a

sovereign wealth fund?

What role does infrastructure play in a country’s economic development?

Which of the following is a key factor in ensuring sustainable economic growth for a country?

Why is economic diversification important for a country’s growth?

It refers to a situation where the allocation of resources in the economy does not maximize

overall social welfare.

What is the term for a cost or benefit that stems from the production or consumption of a

good or service?

A _________ problem arises whenever any group of individuals must make a collective

choice from among a set of alternatives before them.

Which theorem describes how a certain voting system is not always fair and perfect?

It is a market failure that happens when consumers profit from resources, products, or

services that they did not pay for.

A _________ is a product or service that is available to everyone in a community without

reducing the amount available to others.

Which of the following is a characteristic of a monopoly?

Two stores, Store A and Store B, are deciding whether to offer a discount on their products. If both stores offer a discount, they both make a small profit. If only one store offers a discount, that store makes a large profit, while the other store makes no profit. If neither store offers a discount, they both make a normal profit. Which of the following is a Nash equilibrium?

Borne only by the monopolist, this type of tax is a fixed amount that is levied on and paid by

companies at a certain period of time.

This is a market for a good that has no good substitutes like Maynilad water services.

Consists of few sellers that produce identical products. In such a market, the products sold

are fairly homogeneous.

Market structure characterized by a large number of sellers of differentiated products

Which of the following is not a type of oligopoly?

Limited competition refers to?

What is imperfect competition?

What are the most common artificial barriers to entry in a market?

A graph that shows the different scales on which firm can choose to operate in the long run.

It refers to the material things that are used as inputs in the production of future goods and

services

What is asymmetric information in economics?

What is signaling in the context of asymmetric information?

It is a type of oligopoly where a few sellers offer products that have varying value,

characteristics, or qualities.

It represents a specific scenario within the broader framework of oligopoly, occurring when

only two producers exist in a market.