1. ECO 204 Entire Course ( Principles of Microeconomics ) Complete Course
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ECO 204 Week 1 DQ 1 Circular Flow Diagram
Circular Flow Diagram. Explain how the circular flow diagram relates to the current economic
situation. Using the circular flow diagram, explain a way that your family interacts in the factor
market and a way that it interacts in the products market.
ECO 204 Week 1 DQ 2 Supply and Demand
Supply and Demand. Analyze how the law of demand applies to a recent purchase that you
made. Describe how the product has changed in price and explain whether the price change is
due to supply or demand. Did the change in price affect your decision to purchase the item?
ECO 204 Week 1 Quiz
(1) In economics, scarcity means that
(2) If beans are inferior goods, a decrease in income will
(3) Which of the following is a macroeconomic issue?

2. (4) In Collegia, a small college town, the market for parking spaces is in equilibrium at a going
price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied
buyers. Now the college takes in 200 more students, each of whom also wants a parking space at
$5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market
has time to adjust?
(5) Demand for a good will always rise when
(6) In what type of economic system are the basic economic questions answered in the same way
as in the past?
(7) All but which one of the following could shift the demand curve?
(8) When price changes, there is an opposite change in the
(9) What will cause a change along the supply curve?
(10) The Wall Street Journal carried a story on a type of grocery store that operates with few
services and limited use of attractive displays, but with lower prices than its competitors. This
decision of the owners is a way of answering a question that every society must face. Which of
the following is that question?
ECO 204 Week 2 DQ 1 Elasticity
Elasticity. Analyze the determinants of the price elasticity of demand and determine if each of
the following products are elastic or inelastic:
a. bottled water
b. toothpaste

3. c. cookie dough ice cream
d. fresh green beans
e. gasoline
In your analysis, please make sure to explain your reasoning and relate your answers to the
characteristics of the determinants of the price elasticity of demand.
ECO 204 Week 2 DQ 2 Externalities
ECO 204 Week 2 Raise or Lower Tuition
ECO 204 Week 3 DQ 1 Short and Long Run
ECO 204 Week 3 DQ 2 Fixed and Variable Costs
ECO 204 Week 3 Quiz
ECO 204 Week 4 DQ 1 Market Structures
ECO 204 Week 4 DQ 2 Barriers to Entry
ECO 204 Week 4 Quiz
ECO 204 Week 5 DQ 1 Transfers
ECO 204 Week 5 DQ 2 Tariffs and Quotas
ECO 204 Week 5 Final Paper
Market Structures
You have been hired as a consultant by your local mayor to look at the various market structures.
Your role is to provide analysis and answers to these important questions that will help the
mayor understand the structures of many of the businesses in his city:

4. 1. Describe each market structure discussed in the course (perfect competition, monopolistic
competition, oligopoly, and monopoly) and discuss two of the market characteristics of each
market structure.
2. Identify one real-life example of a market structure in your local city and relate your example
to each of the characteristics of the market.
3. Describe how high entry barriers into a market will influence long-run profitability of the
firms.
4. Explain the competitive pressures that are present in markets with high barriers to entry.
5. Explain the price elasticity of demand in each market structure and its effect on pricing of its
products in each market.
6. Describe how the role of the government affects each market structure’s ability to price its
products.
7. Discuss the effect of international trade on each market structure.
Your paper will need to include a title page, a reference page, and in-text citations properly
formatted according to the APA style guide. Also, your content should be eight to ten pages,
which does not include your reference or title page. You will need to include at least five
scholarly sources from the Ashford Library in your paper as part of your research to support your
analysis.