As the Demand for a Product Falls, It Is Not

question 30

Multiple Choice

As the demand for a product falls, it is not uncommon for the industry to become a monopoly.This is most likely due to

• A)an increase in the number of barriers.
• B)legal restrictions being imposed.
• C)the surviving firm operating on the declining part of its average cost curve.
• D)patent protection causing high prices.

Grasp the difference between positive and normative economic statements.

Differentiate between macroeconomics and microeconomics through the application of real-world scenarios.

Understand the distinction between programmed and nonprogrammed decisions.

Recognize the characteristics and examples of crisis problems.

---

Definitions:

Tinbergen

Refers to Nikolaas Tinbergen, a pioneering ethologist known for his contributions to the study of animal behavior, including the concept of the four levels of analysis.

Herring Gull Chicks

Young offspring of the herring gull, a large species of seagull that is often found in the northern hemisphere near coastal areas.

Pecking Response

Innate behavior observed in birds where they peck at objects, often triggered by specific stimuli and linked to feeding or investigative actions.

Fixed Action Pattern

Innate, pre-programmed responses triggered by specific stimuli in animals.