SPRING 2013 TEST 2 2003 Name: Signature:
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Note: Take Home Exams cannot be dropped. AND count as the post exam as well... By Taking this Exam you are Agreeing to the Following Policy: The University expects every student to maintain a high standard of individual integrity. Scholastic dishonesty is a serious offense that includes, but is not limited to, cheating on a test or other class work, plagiarism (the appropriation of another's work and the unauthorized incorporation of that work in one's own work), and collusion (unauthorized collaboration with another person in preparing college work offered for credit). In cases of scholastic dishonesty, the faculty member responsible for the course may initiate disciplinary proceedings against the student. BY TAKING THIS TEST YOU ARE AGREEING TO THE ABOVE POLICY AND ALSO TO WORK BY YOURSELF ON THIS TEST. BRING BOTH THE PRINTED EXAM AND A PROPERLY FILLED OUT F-1712 PAR-L 200 QUESTION FORM TO CLASS ON THE DUE DATE BEFORE CLASS STARTS SHOW YOUR WORK ON THE EXAM - MEANING WORK IT OUT ON THE EXAM MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A large number of sellers all selling an identical product implies which of the following? A) vertical market supply curves B) horizontal market supply curves C) market chaos D) large losses by all sellers E) the inability of any seller to change the price of the product 2) Firms in a perfectly competitive market: A) try to attract customers away from their competitors. B) usually have large advertising budgets. C) sell homogeneous products. D) sell a differentiated product. 3) A price taker is a buyer or a seller who: A) takes the market price as given. B) buys or sells only at a price where profits can be made. C) accepts whatever price that the government...