1. Question :
When the price of a good falls, there will be __________.
an outward shift in the good’s demand curve
both an outward shift in the good’s demand curve and a movement along the good’s demand curve
a movement along the good’s demand curve
no change in quantity demanded
Question 2. Question :
If the price of Pepsi increases, then there will be ________ of Pepsi.
a decrease in the supply
an increase in the supply
an increase in the quantity supplied
a decrease in the quantity supplied
Question 3. Question :
Refer to the figure below. The equilibrium price and quantity are __________.
$2 and 12 units
$6 and 9 units
$8 and 6 units
$10 and 1 unit
Question 4. Question :
In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car. In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity are: __________.
price will increase, and quantity will decrease
price will increase, and the effect on quantity is indeterminate
price will decrease, and quantity will increase
price will decrease, and the effect on quantity is indeterminate
Question 5. Question :
In a market, the rationing function of prices results in __________.
long queues or waiting lines
a price ceiling
a shortage or surplus
Question 6. Question :
If a price floor is set below the current market clearing price, then __________.
a surplus must immediately occur
a shortage must immediately occur
there will be incentives for black markets to develop
quantity demanded will remain equal to quantity supplied at the current market clearing price
Question 7. Question :
A result of a positive externality in the production of a good is that __________.
the price system will over-allocate resources to the production of that good or service
the price system will under-allocate resources to the production of that good or service
the market supply will be too high
the market demand will be too high
Question 8. Question :
A fundamental aspect of public goods is that they __________.
are just like private goods EXCEPT that everybody wants to consume the same amount
have positive externalities
are characterized by the principle of rival consumption
can be consumed jointly by many people simultaneously
Question 9. Question :
The free-rider problem is encountered when __________.
someone benefits from the consumption of a public good without paying his or her full share
all individuals who consume a public good pay for it
all goods consumed and produced are private goods
all individuals are willing to pay for what they consume
Question 10. Question :
If a seller lowers the price of a product when demand is price inelastic, then the seller can expect revenues to __________.
stay the same
either rise or fall, but it is impossible to determine which
Question 11. Question :
When two goods are unrelated, __________.
the demands for both goods will be inelastic
cross price elasticity of demand will be 0
cross price elasticity of demand will be negative
cross price elasticity of demand will be positive
Question 12. Question :
If one’s demand for peanut butter decreases as income rises, then the income elasticity of demand for the product is __________.
Question 13. Question :
On a hot summer day, a construction worker enters a McDonald’s fast-food restaurant. He orders the first Big Mac. He consumes it within 3 minutes. He then orders a second Big Mac and consumes it in 10 minutes. He eats only half of the third one in 18 minutes and throws away the rest. The store manager offers him the fourth for free. The construction worker says: “No thanks.” Why?
For the construction worker, total utility increased at an increasing rate.
Marginal utility increased at an increasing rate.
Marginal utility declined as he consumed additional Big Macs.
The law of diminishing marginal utility does not apply to consumption of Big Macs.
Question 14. Question :
If a consumer concludes that the marginal utility of the last dollar spent on vegetables exceeds the marginal utility of the last dollar spent on junk food, he will respond by
consuming relatively more junk food and fewer vegetables
consuming relatively more vegetables and less junk food
consuming equal amounts of vegetables and junk food
halting consumption of junk food altogether
Question 15. Question :
The substitution effect shows that __________.
if the price of a good increases, consumers buy more of that good and less of all others
if the price of a good falls relative to all other goods, consumers buy less of that good and more of all others
if the price of a good falls, consumers buy less of all goods
if the price of a good rises, consumers buy less of that good and more of others
Question 16. Question :
Economists generally define the short run as being __________.
that period of time in which at least one of the firm’s inputs, usually plant size, is fixed
that period of time in which all inputs are variable
any period of time less than one year
any period of time less than six months
Question 17. Question :
The marginal product of labor may increase rapidly initially as more __________.
workers are able to specialize
total product is decreasing
the amount of other inputs is held constant
workers will get crowded in a fixed factory
Question 18. Question :
A decrease in long-run average costs resulting from increases in output is __________.
attributed to economies of scale
attributed to diseconomies of scale
attributed to constant returns to scale
attributed to the law of diminishing marginal product
Question 19. Question :
In a perfectly competitive industry __________.
each firm is a price maker
no buyer or seller can influence the market price
there is apt to be a shortage of sellers of output
firms can never make an economic profit
Question 20. Question :
A firm seeking to maximize economic profits should produce at the output at which __________.
total revenue equals total cost
marginal revenue equals marginal cost
average revenue equals average cost
marginal revenue equals average revenue
Question 21. Question :
Price equals the minimum of long-run average cost __________.
in a long-run equilibrium
in a short-run equilibrium as well as in a long-run equilibrium
whenever average revenue equals marginal cost
along a horizontal long-run supply curve but not along an upward sloping long-run supply curve
Question 22. Question :
To sell one more unit of a good, a monopolist must __________.
lower the price on the last unit only
lower the price on all units
raise the price only on the last unit sold
raise the prices on all goods
Question 23. Question :
Refer to the figure below. What is the profit-maximizing price and output?
Question 24. Question :
A monopolist engages in price discrimination __________.
by charging a higher price to consumers whose demand is more elastic
by charging a higher price when marginal cost is lower
by charging a lower price to consumers whose demand is more elastic
by charging the same price to all consumers
Question 25. Question :
Compared to perfect competition, a monopolistically competitive market will produce ________ output and charge a ________ price.
Question 26. Question :
If firms in a monopolistically competitive industry are operating with positive economic profit, over time we would see __________.
firms alter their advertising rates until they made at least normal profits
some firms entering the industry, causing the market supply curve to shift to the right, lowering price
some firms entering the industry, causing the demand curves of the existing firms to shift to the left
some firms entering the industry, causing the demand curves of the existing firms to shift to the right
Question 27. Question :
The brand name of a firm __________.
has nothing to do with the profitability of a firm
has been considered irrelevant by economists since profits for a monopolistic competitive firm are zero in the long-run
relates to consumers’ perception of product differentiation and to the market value of a firm
is important in the short-run but not in the long-run
Question 28. Question :
Which of the following is NOT a necessary condition for oligopoly?
Barriers to entry
Strategic dependence of firms
Either a small number of firms or market dominance by a small number of firms
Question 29. Question :
Refer to the payoff matrix below for the profits (in $ millions) of two firms (X and Y) making a decision to advertise or not. Which of the following is the outcome of the dominant strategy without cooperation?
Both firm X and firm Y choose not to advertise.
Both firm X and firm Y choose to advertise.
Firm X chooses to advertise while firm Y chooses not to advertise.
Firm X chooses not to advertise while firm Y chooses to advertise.
Question 30. Question :
Cheating in a cartel is more likely to occur if the industry __________.
has a large number of firms
has homogeneous products
has easily observable prices
has little variation in prices
Question 31. Question :
A firm will not hire additional workers once __________.
it earns accounting profits
the additional cost of a worker equals the additional revenue from the worker
total product is rising
the company reaches its breakeven output level
Question 32. Question :
When the demand curve for an input is a derived demand this means that __________.
the demand curve is derived from the demand for the final product being produced
the demand curve depends upon the MFC
the law of diminishing marginal product does not hold
the demand curve slopes upward
Question 33. Question :
The equilibrium wage rate in an industry is determined by __________.
finding where the market supply curve indicates that the substitution effect and income effect of a wage increase are offsetting
the intersection of the market demand curve for labor and the market supply curve for labor
the strength of the substitution effect relative to the elasticity of demand for labor
whether workers or management are better at negotiating.To continue with the answer check on mycoursewriter.com/
Why Choose Us
Quality Homework Writing
Do you need to ace your test? We have qualified writers to assist you in writing 100% quality homework writing. Mycoursewriter offers students unique and personalized custom papers that help them in getting good grades. Our academic experts will assist you with your dissertation papers, thesis writing, research papers, term papers, and case study homework help. Our writers are experienced and have perfected the art of crafting the best essay writing papers regardless of your academic level. Order now and get our superb homework writing services.
Expert Academic Writers
A student needs professional assistance outside class time. Before hiring our writers, they undergo thorough tests and strict educational backgrounds. After passing a test, our writers undergo training to ensure they deliver expert professional papers to our customers. We ensure they meet the timely delivery of papers and follow our customers' provided instructions. Every writer is an ENL writer and is from the USA, Canada, UK, or Australia. Our experts approach papers effectively depending on their area of specialization.
Affordable Price Guarantees
Is the deal too good to be true? Mycoursewriter is the most affordable assignment help website on the market. We consider students' daily needs for academic help. Our paper costs are reasonably priced to approximately 90% of students around the globe. Our main aim is to ensure students achieve academic excellence, and we believe inconsiderable prices should not hinder students from getting quality homework writing help. In case of any dissatisfaction, we offer unlimited revisions and rewrites without extra charges.
Timely delivery of papers
Tight deadline? Is your paper due in the next few hours? Worry no more. Our writers are here for your rescue. Many college students find it hard to balance their social and academic life and get caught up with academic deadlines. Drafting your paper at the last minute does not allow you to conduct extensive research and craft the correct answers. We have expert writers ready to work on your assignment writing. Urgent writing services are the ultimate solutions you need. We guarantee you timely delivery of papers at your convenience and specified time delivery of the customer.
100% Original Tasks
The ultimate deal-breaker in achieving good grades is submitting imitative papers. Plagiarism is a breach of examination standards and has serious consequences. Students need to deliver papers written in their understanding by paraphrasing their research findings and relevant citations. Our expert's primary consideration is providing free plagiarized papers that meet the lecturers' requirements. Our editors will proofread your paper before delivery ad ensure your papers will not be substandard. We guarantee extreme originality, and in case of any customer concerns, we offer a plagiarism report.
All Round the clock Customer Support
Our website is user-friendly and super useful! Mycoursewriter is the most trusted online writing website always available to provide you with assignment writing services that you need. Our primary concern is meeting customer need specifications by our friendly customer support team that Is available all the time. Our website usability is self-learnable but in case of any problem, feel free to contact us directly through our website email: firstname.lastname@example.org. We have diligently satisfied thousands of students, and you can witness this on our sites' review page.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Advantages of Using Our Assignment writing Services
Mycoursewriter welcomes you for superb essay writing services. We are a legit site offering help with your most challenging homework writing assignments at affordable prices. Your essay paper will be assigned to a professional writer who will craft the paper from scratch according to your provided instructions.
Essay writing is a common assignment writing for most college students. It takes a lot of time to craft a complete perfect essay. Mycourserwiter offers the best essay writing and proofreading services for most college students. Your paper is assigned to an expert writer who does thorough research on fresh ideas and personalizes your essay paper according to your assignment writing guidelines. Our essays are entirely exceptional and undergo a strict procedure that includes papers free from plagiarism and thorough proofreading.
Admission and Business Papers
Writing an admission paper is not every student's desire, and this should not hinder any student from earning an admission. Writing a perfect personal statement to earn a position in a dream school or job can be stressful. Personal statements should display a high level of confidence and uniqueness. Admission essays require you to have a vast knowledge of the current happenings in the world and knowhow of the business world. We have qualified writers with skills who will write your admission paper through comprehensive research. All you have to do is provide us with little details about yourself, instructions and our writers will craft a perfect paper for you.
Editing and Proofreading
Mycoursewriter offers you assignment writing services free from grammatical and formatting mistakes. An error-free paper is significant in scoring the desired maximum grades. We have a team of editors who will go through your paper after our expert writers have delivered their fully crafted papers. Our writers will cover all the aspects of your paper instructions, such as fonts, spacing, and educational formats. Our team of editors will check through your paper to make sure it meets the formatting style provided in the paper instructions. Under no circumstances will a poorly formatted paper will be forwarded to you as our team of editors will ensure careful proofreading.
Assignment writing is part of a learning process, and one may not have the knowledge to answer all questions correctly. This should not be a stress to you as we have qualified essay writing experts to help you. Our qualified writers are holders of PhDs, Degrees, and Masters in different areas of study and can handle any papers regardless of the complexity. Multiple assignments may be challenging to finish on time. Our skilled professional writers are here to assist you in crafting all the correct answers for your assignment. Stop stressing about your homework writing and place an order with us, and our expert writers will provide you with the best assignment help.