Microeconomics, Testbank 3

This book is one of six test banks, each carefully crafted to be part of the most complete package of test banks ever offered to support a beginning economics textbook. Three of the test banks are designed to accompany Michael Parkin’s Microeconomics, Seventh Edition and three accompany Michael Parkin’s Macroeconomics, Seventh Edition. The complete set of six books comprises Microeconomics Test Bank, Volumes I, II, and III and Macroeconomics Test Bank, Volumes I, II, and III. These books have undergone major revisions for this edition. Both the Microeconomics Test Bank Volumes I and II and the Macroeconomics Test Bank Volumes I and II now contain only multiple choice questions. The multiple choice questions that in previous editions were in Volume III of the test banks have now been melded into Volumes I and II. Volume III for both the Microeconomics Test Bank and Macroeconomics Test Bank now contains large numbers of essay questions, numerical questions, graphing questions, and extended problems. All of the different types of questions in Volume III have answers suitable for distribution to your students. Chapter 1 What is Economics? 1 Appendix Graphs in Economics 7 Chapter 2 The Economic Problem 9 Chapter 3 Demand and Supply 15 Chapter 4 Elasticity 21 Chapter 5 Efficiency and Equity 29 Chapter 6 Markets in Action 37 Chapter 7 Utility and Demand 47 Chapter 8 Possibilities, Preferences, and Choices 53 Chapter 9 Organizing Production 59 Chapter 10 Output and Costs 63 Chapter 11 Perfect Competition 69 Chapter 12 Monopoly 77 Chapter 13 Monopolistic Competition and Oligopoly 85 Chapter 14 Regulation and Antitrust Law 93 Chapter 15 Externalities 101 Chapter 16 Public Goods and Common Resources 109 Chapter 17 Demand and Supply in Factor Markets 115 Appendix Market Power in the Labor Market 121 Chapter 18 Economic Inequality 123 Chapter 19 Uncertainty and Information 129 Chapter 20 Trading With the World 133