microeconomics

62問 • 2年前

問題一覧

The economic surplus of a particular action is

The difference between the benefit and the cost of the action.

Marginal utility

Additional utility gained by consuming an extra unit of a good.

If the price elasticity of a demand for a good is greater than one, then the demand for that good, with respect to price is:

Elastic

which one of the following determinants will cause movements along the supply curve of good X?

the price of good x

between USA and Nepal, Nepal invests less in new favorites and equipments. This will cause

usas production possibilities curve will shift outward faster than Nepal

if a nation has the lowest opportunity cost of producing a good, that nation has an

comparative advantage

Deadweight loss is

positive in markets where equilibrium is distorted by price controls or taxes

a profit maximizing perfectly competitive form must decide

only on how much to produce, taking price of the good as fixed

the reason we observe the law of diminishing marginal returns is that

the production facility eventually becomes congested if the firm keeps hiring workers

if a monopolist is facing a market demand curve equal to P=70-14*Q, then the slope of the monopolists marginal revenue curve is

-28

which of the following is an example of an activity with and external cost?

dumping chemicals in a lake

the tradegy of the commons refers to the

overuse of resources that have no price

suppose, production of a good is accompanied by and external cost = $2/Unit, social MC equals

private MC +2

in the case of either a positive or negative externality, it will always be true that, relative to the social optimum

the quantity will be too large

constants returns to scale occur when doubling of all inputs

exactly doubles output

as the price of gasoline increases, the quantity demanded of gasoline decreases, this is an application of

the law of demand

market power measures the firms ability to

raise its price without losing all of its sales

for two goods A and B, the rational spending rule is expressed as

(MU A/ P A)= MU B / P B)

in a competitive labor market, the equilibrium wage rate is determined by

the interesection of labor demand and labor supply

the general rule governing the hiring of workers it to

equate marginal labor costs to marginal labor benefits

the percentage change in quantity demanded that results from the percentage change in price is known as the

price elasticity of demand

if Leslie can produce two pairs of pants an hour while Eva can make one pair an hour, then it must be the case that

Leslie has an absolute advantage

as the price of gasoline increases, the quantity demanded of gasoline decreases. this is an application of

the law of demand

choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is

an application of the cost-benefit principle

market power measures the firms ability to

raise its prices without losing all of its sales

which of the following circumstances does not involve game theory

firm behavior in a perfectly competitive market

which of the following strategies could be used in collecting information about a good or service 1. visit stirs and ask a salesperson about the product or service 2. ask friends and family members for opinion 3. read consumer reports

1,2,3

the quantity demanded of Honda civics went down as the price increased, and the consumers that preferred civics started to buy Toyota corollas. this is because of

the substitution effect

which of the following determinants will cause movements along the supply curve of good x

the price of good x

during thanksgiving you participated in a pumpkin pie eating contest since you love pumpkin pie. you really enjoyed the first two pies, third one was on, but as soon as you ate the 4th you became I’ll and lost the contest.

decreases

the economic surplus of a particular action is

the difference between the benefit and the cost of the action

a profit maximizing perfectly competitive firm must decide

only on how much to produce, taking the price of the good as fixed.

a variabel factor of production

is variable in both the short run and the long run

the reason an efficient market outcome may not be considered a good outcome is

incomes of consumers are taken as given

deadweight loss is

positive in markets where equilibrium is distorted by price controls or taxes

constant returns to scale occur when a doubling of all inputs

exactly doubles output

game theory is important in understanding

interdependent outcomes

for a given question to be considered an economic question it would need to involve

limited resources and making a choice

the principle of scarcity applies ti

everyone; consumers, firms, governments and nations

the economic surplus of a particular action is

the difference between the benefit and the cost of the action

to increase total revenues, firms with ….. demand should lower price and firms with ….:. demand should increase price

elastic; inelastic

given the total cost function; TC=200+20*Q marginal costs are

20$

if the equilibrium quantity is less than the socially optimal quantity, one can infer that

the production of this good has a positive externality

if the external cost of an activity is added to the private costs, then the

supply curve shifts left

the optimal amount of information to acquire before making a purchase is

the amount where the marginal cost of acquiring information equals the marginal benefit

the law of demand indicates that as the cost of an acitivity

falls, more of the activity will occur

the relationship between the cost of an activity and the amount of the acitivity consumers want is

negative

marginal utility is defined as the

additional utility gained by consuming an extra unit of a good

of the following characteristics, which one applies exclusively to a perfectly competitive firm

it can sell all it wants to at the market price

if the firms demand curve is perfectly elastic the firm must be

a perfect competitor

a single price, profit maximizing monopolist

chooses the output level at which marginal revenue begins to increase

if a monopolist could perfectly price discriminate

the marginal revenue curve and the demand curve would coincide

in order ti understand how the price of a good is determined in the free market, one must account for

the desires of demanders and suppliers

the quantity of revlon nail polish demanded by Jen decreased after the price of revlon nail polish increased. Jen decides to find a cheaper brand of nail polish, this is called.

substitution effect of a price change

if the price elasticity of demand for a pineapple is 0.75, a 4% increase in the price of pineapple will lead to a

3% decrease in the quantity demanded of pineapple

which of the following factors of production is likely to be variable in the short run?

the number of of employee-hours

if the price is 10$ each the quantity exchanged in the market if soccerbrough will be

more than 200 balls.

if the price is 10$ the quantity sold will be an amount that

sellers offer

if the price is $15, the quantity sold will be an amount that

buyers wish to buy

suppose all firms in a perfectly competitive industry are experiencing economic profits, one can hypothesize that

the numbers of firms will not change

constant returns to scale occur when a doubling of all inputs

exactly doubles output

given the total cost function TC=120+12*Q the average cost function is

120/Q+12

BFA

ユーザ名非公開 · 31問 · 2年前

BFA

31問 • 2年前

ユーザ名非公開

問題一覧

The economic surplus of a particular action is

The difference between the benefit and the cost of the action.

Marginal utility

Additional utility gained by consuming an extra unit of a good.

If the price elasticity of a demand for a good is greater than one, then the demand for that good, with respect to price is:

Elastic

which one of the following determinants will cause movements along the supply curve of good X?

the price of good x

between USA and Nepal, Nepal invests less in new favorites and equipments. This will cause

usas production possibilities curve will shift outward faster than Nepal

if a nation has the lowest opportunity cost of producing a good, that nation has an

comparative advantage

Deadweight loss is

positive in markets where equilibrium is distorted by price controls or taxes

a profit maximizing perfectly competitive form must decide

only on how much to produce, taking price of the good as fixed

the reason we observe the law of diminishing marginal returns is that

the production facility eventually becomes congested if the firm keeps hiring workers

if a monopolist is facing a market demand curve equal to P=70-14*Q, then the slope of the monopolists marginal revenue curve is

-28

which of the following is an example of an activity with and external cost?

dumping chemicals in a lake

the tradegy of the commons refers to the

overuse of resources that have no price

suppose, production of a good is accompanied by and external cost = $2/Unit, social MC equals

private MC +2

in the case of either a positive or negative externality, it will always be true that, relative to the social optimum

the quantity will be too large

constants returns to scale occur when doubling of all inputs

exactly doubles output

as the price of gasoline increases, the quantity demanded of gasoline decreases, this is an application of

the law of demand

market power measures the firms ability to

raise its price without losing all of its sales

for two goods A and B, the rational spending rule is expressed as

(MU A/ P A)= MU B / P B)

in a competitive labor market, the equilibrium wage rate is determined by

the interesection of labor demand and labor supply

the general rule governing the hiring of workers it to

equate marginal labor costs to marginal labor benefits

the percentage change in quantity demanded that results from the percentage change in price is known as the

price elasticity of demand

if Leslie can produce two pairs of pants an hour while Eva can make one pair an hour, then it must be the case that

Leslie has an absolute advantage

as the price of gasoline increases, the quantity demanded of gasoline decreases. this is an application of

the law of demand

choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is

an application of the cost-benefit principle

market power measures the firms ability to

raise its prices without losing all of its sales

which of the following circumstances does not involve game theory

firm behavior in a perfectly competitive market

1,2,3

the quantity demanded of Honda civics went down as the price increased, and the consumers that preferred civics started to buy Toyota corollas. this is because of

the substitution effect

which of the following determinants will cause movements along the supply curve of good x

the price of good x

decreases

the economic surplus of a particular action is

the difference between the benefit and the cost of the action

a profit maximizing perfectly competitive firm must decide

only on how much to produce, taking the price of the good as fixed.

a variabel factor of production

is variable in both the short run and the long run

the reason an efficient market outcome may not be considered a good outcome is

incomes of consumers are taken as given

deadweight loss is

positive in markets where equilibrium is distorted by price controls or taxes

constant returns to scale occur when a doubling of all inputs

exactly doubles output

game theory is important in understanding

interdependent outcomes

for a given question to be considered an economic question it would need to involve

limited resources and making a choice

the principle of scarcity applies ti

everyone; consumers, firms, governments and nations

the economic surplus of a particular action is

the difference between the benefit and the cost of the action

to increase total revenues, firms with ….. demand should lower price and firms with ….:. demand should increase price

elastic; inelastic

given the total cost function; TC=200+20*Q marginal costs are

20$

if the equilibrium quantity is less than the socially optimal quantity, one can infer that

the production of this good has a positive externality

if the external cost of an activity is added to the private costs, then the

supply curve shifts left

the optimal amount of information to acquire before making a purchase is

the amount where the marginal cost of acquiring information equals the marginal benefit

the law of demand indicates that as the cost of an acitivity

falls, more of the activity will occur

the relationship between the cost of an activity and the amount of the acitivity consumers want is

negative

marginal utility is defined as the

additional utility gained by consuming an extra unit of a good

of the following characteristics, which one applies exclusively to a perfectly competitive firm

it can sell all it wants to at the market price

if the firms demand curve is perfectly elastic the firm must be

a perfect competitor

a single price, profit maximizing monopolist

chooses the output level at which marginal revenue begins to increase

if a monopolist could perfectly price discriminate

the marginal revenue curve and the demand curve would coincide

in order ti understand how the price of a good is determined in the free market, one must account for

the desires of demanders and suppliers

the quantity of revlon nail polish demanded by Jen decreased after the price of revlon nail polish increased. Jen decides to find a cheaper brand of nail polish, this is called.

substitution effect of a price change

if the price elasticity of demand for a pineapple is 0.75, a 4% increase in the price of pineapple will lead to a

3% decrease in the quantity demanded of pineapple

which of the following factors of production is likely to be variable in the short run?

the number of of employee-hours

if the price is 10$ each the quantity exchanged in the market if soccerbrough will be

more than 200 balls.

if the price is 10$ the quantity sold will be an amount that

sellers offer

if the price is $15, the quantity sold will be an amount that

buyers wish to buy

suppose all firms in a perfectly competitive industry are experiencing economic profits, one can hypothesize that

the numbers of firms will not change

constant returns to scale occur when a doubling of all inputs

exactly doubles output

given the total cost function TC=120+12*Q the average cost function is

120/Q+12