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# m201 final

question
As an individual consumes more of a particular commodity, the total level of utility derived from that consumption usually
increases at a decreasing rate
question
The long-run supply curve for a firm in a perfectly competitive market is
its marginal cost curve (above average total cost)
question
Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
the supply curve usually slopes upward
question
If an individual's income rises 20 percent and consumption of beef rises 10 percent, the income elasticity for beef by the individual is
0.5
question
If the price elasticity of demand is -1.5, a 1.5 percent decrease in price will increase quantity demanded by
2.25%
question
According to Table below, what is the price elasticity of demand (using % change equation only) when price rises from \$8.50 to \$9 (using \$8.50 as a base)? Price Quantity Demanded Per unit Per Week \$10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75
2.12 ?
question
According to Table below, what is the price elasticity of demand if the price falls from \$8.00 to \$7.50? (Use mid-point equation only) Price Quantity Demanded Per unit Per Week \$10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75
1.63
question
In equilibrium, which of the following conditions is common to both pure monopoly and pure competition?
MR = MC
question
OPEC is an influential international oil exporting organization. It can be categorized as which of the following market structure.
oligopoly
question
A monopolist
is constrained in its pricing decisions by the demand curve it faces
question
A price maker is someone who
can influence the price.
question
A monopolist maximizes profits by finding
the rate of output where marginal revenue cquals marginal cost.
question
For a monopolist, marginal revenue is less than price because
the monopolist must lower price on all units sold and not just on the last unit sold
question
Input of Labor # of workers 1 2 3 4 5 6
Total Product # of outputs 20 66 116 176 206 226
In Table above, Diminish marginal product occurs after actually employing the
fifth worker
question
In the table below, Input of Labor # of workers 1 2 3 4 5 6
Total Product # of outputs 20 66 116 176 206 226
the marginal product of the fourth worker is
60
question
Input of Labor (# of workers in weeks) 1 2 3 4 5 6
Total Product (# of snowboards produced) 30 68 110 140 135
In Table, marginal product becomes negative after the
fourth worker.
question
Input of Labor (# of workers in week) 1 2 3 4 5 6
Total Product (# of snowboards produced) 68 110 140 135
In Table, diminishing marginal returns (DMR) ocur after
third worker.
question
Economic profits are ______ when the firm is at its short-run break-even point.
zero
question
A firm is currently producing at the rate of output that just barely covers its variable costs. If demand falls, the firm should
shut down
question
For a perfect competitive market, marginal revenue equals
the price.
question
The demand curve of a perfectly competitive firm is
perfectly elastic.
question
A price elasticity of 0.8 indicates that a
1 percent increase in price leads to a .8 percent decrease in quantity demanded
question
If a firm is price discriminating, we know that
it has market power.
question
Linsinity graduates from Harved with a choice of playing professional football at \$2 million a year or teaching for \$50,000 a year. He decides to play football, but eight years later he quits football to make movies for \$3 million a year. His opportunity cost at graduation was _____ and eight years later was _____
\$50,000; \$2 million
question
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC > AVC; MC > MR. The firm should
decrease output.
question
A monopolist faces a demand curve that
is downward sloping.
question
The price elasticity of demand would be the lowest for
drinking water
question
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly can
control the desired price or level of output to maximize profits, but a perfectly competitive firm can only choose the desired output.
question
When the price of beef is \$2.00/lb, the quantity demanded of hamburger is 50 units; when the price of beef is \$3.00/lb, the quantity demanded of hamburger is 60 units. The cross-price elasticity of demand between beef and hamburger is
+5/11
question
Which of the following firm is considered as an oligopoly?
mobile phone carrier at&t
question
A single-plant firm trying to select the appropriate-sized plant for a particular rate of output will choose the size plant
whose short-run average total cost curve is lowest at that rate of output.
question
For a competitive firm, any output price below its minimum AVC is its
shut-down price.
question
If we are graphing total utility, then the total utility curve will
be increasing as long as marginal utility is positive.
question
Firms in a competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the
LRAC curve.
question
It is correct to state that a society which is on its production possibilities curve is
fully utilizing its productive resources.
question
Which of the following is NOT true for a perfectly competitive firm in the long run?
mc > ac
question
If a firm suffers the short-run loss but continues operate, the firm is
just covering it's variable costs
question
A competitive firm's short-run break-even output occurs
at the minimum point of its ATC curve.
question
The fact that consumers will purchase more of a good that has become relatively cheaper
is called the price-substitution effect.
question
In a perfectly competitive market, if P > ATC in the short run, there is apt to be
entry of new firms into the market.
question
Which of the following would cause an economy to be producing at a point inside its production possibilities curve?
unemployment and an inefficient use of available resources
question
At a competitive firm's short-run break-even price,
p = atc
question
If an individual's income rises 40 percent and purchases of clothing rise 50 percent, the income elasticity for clothing by the individual is
1.25.
question
Suppose the cross price elasticity of demand between new iPad 4G and its carrier's 4G network is -1.32. This indicates that the two products are.
complements
question
The longer the time frame involved, the more likely it is that the demand will be relatively
elastic.
question
Economic profit is equal to
total revenue minus explicit and implicit costs.
question
When an entrepreneur invests his own financial capital in order to start a business,
the opportunity cost of capital should be included in the economic cost of doing business.
question
If the price elasticity of demand is 4, a 5 percent decrease in price will increase quantity demanded by
20% ???
question
At what productive circumstance, a frim's AVC will converge with (approach to) average total course curve (ATC)
when average fixed cost approach zero
question
A monopolist faces a demand curve that
is downward sloping.
question
A patent on a product gives a firm
protection from having the invention copied or stolen for a period of 17 to 20 years.
question
Price discrimination is the
selling a given product at more than one price when the price difference is unrelated to cost differences.
question
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive fırm in that a monopoly can
control the desired price or level of output to maximize profits, but a perfectly competitive fırm can only choose the desired output.
question
A monopolist maximizes profits by finding
the rate of output where marginal revenue equals marginal cost.
question
When price is \$5 per unit, quantity demanded is 10 units. When price is \$8 per unit, quantity demanded is 6 units. The value of the price elasticity of demand is approximately (before taking absolute value)
-13/12.
question
Input of Labor # of workers Total Product # of outputs 12 56 110 156 176 186 In Table above, marginal product starts to diminish after the
third worker.
question
Some costs do not vary with the quantity of output produced. Those costs are called
total fixed cost
question
For a perfect competitor in the market, marginal revenue equals
the price,
question
A diseconomy of scale indicates that a firm is producing its __ _at a _____ ATC.
ouput, higher
question
Price discrimination is most likely in the case of a monopolist selling
private college tuition.
1 of 60
question
As an individual consumes more of a particular commodity, the total level of utility derived from that consumption usually
increases at a decreasing rate
question
The long-run supply curve for a firm in a perfectly competitive market is
its marginal cost curve (above average total cost)
question
Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
the supply curve usually slopes upward
question
If an individual's income rises 20 percent and consumption of beef rises 10 percent, the income elasticity for beef by the individual is
0.5
question
If the price elasticity of demand is -1.5, a 1.5 percent decrease in price will increase quantity demanded by
2.25%
question
According to Table below, what is the price elasticity of demand (using % change equation only) when price rises from \$8.50 to \$9 (using \$8.50 as a base)? Price Quantity Demanded Per unit Per Week \$10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75
2.12 ?
question
According to Table below, what is the price elasticity of demand if the price falls from \$8.00 to \$7.50? (Use mid-point equation only) Price Quantity Demanded Per unit Per Week \$10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75
1.63
question
In equilibrium, which of the following conditions is common to both pure monopoly and pure competition?
MR = MC
question
OPEC is an influential international oil exporting organization. It can be categorized as which of the following market structure.
oligopoly
question
A monopolist
is constrained in its pricing decisions by the demand curve it faces
question
A price maker is someone who
can influence the price.
question
A monopolist maximizes profits by finding
the rate of output where marginal revenue cquals marginal cost.
question
For a monopolist, marginal revenue is less than price because
the monopolist must lower price on all units sold and not just on the last unit sold
question
Input of Labor # of workers 1 2 3 4 5 6
Total Product # of outputs 20 66 116 176 206 226
In Table above, Diminish marginal product occurs after actually employing the
fifth worker
question
In the table below, Input of Labor # of workers 1 2 3 4 5 6
Total Product # of outputs 20 66 116 176 206 226
the marginal product of the fourth worker is
60
question
Input of Labor (# of workers in weeks) 1 2 3 4 5 6
Total Product (# of snowboards produced) 30 68 110 140 135
In Table, marginal product becomes negative after the
fourth worker.
question
Input of Labor (# of workers in week) 1 2 3 4 5 6
Total Product (# of snowboards produced) 68 110 140 135
In Table, diminishing marginal returns (DMR) ocur after
third worker.
question
Economic profits are ______ when the firm is at its short-run break-even point.
zero
question
A firm is currently producing at the rate of output that just barely covers its variable costs. If demand falls, the firm should
shut down
question
For a perfect competitive market, marginal revenue equals
the price.
question
The demand curve of a perfectly competitive firm is
perfectly elastic.
question
A price elasticity of 0.8 indicates that a
1 percent increase in price leads to a .8 percent decrease in quantity demanded
question
If a firm is price discriminating, we know that
it has market power.
question
Linsinity graduates from Harved with a choice of playing professional football at \$2 million a year or teaching for \$50,000 a year. He decides to play football, but eight years later he quits football to make movies for \$3 million a year. His opportunity cost at graduation was _____ and eight years later was _____
\$50,000; \$2 million
question
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC > AVC; MC > MR. The firm should
decrease output.
question
A monopolist faces a demand curve that
is downward sloping.
question
The price elasticity of demand would be the lowest for
drinking water
question
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly can
control the desired price or level of output to maximize profits, but a perfectly competitive firm can only choose the desired output.
question
When the price of beef is \$2.00/lb, the quantity demanded of hamburger is 50 units; when the price of beef is \$3.00/lb, the quantity demanded of hamburger is 60 units. The cross-price elasticity of demand between beef and hamburger is
+5/11
question
Which of the following firm is considered as an oligopoly?
mobile phone carrier at&t
question
A single-plant firm trying to select the appropriate-sized plant for a particular rate of output will choose the size plant
whose short-run average total cost curve is lowest at that rate of output.
question
For a competitive firm, any output price below its minimum AVC is its
shut-down price.
question
If we are graphing total utility, then the total utility curve will
be increasing as long as marginal utility is positive.
question
Firms in a competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the
LRAC curve.
question
It is correct to state that a society which is on its production possibilities curve is
fully utilizing its productive resources.
question
Which of the following is NOT true for a perfectly competitive firm in the long run?
mc > ac
question
If a firm suffers the short-run loss but continues operate, the firm is
just covering it's variable costs
question
A competitive firm's short-run break-even output occurs
at the minimum point of its ATC curve.
question
The fact that consumers will purchase more of a good that has become relatively cheaper
is called the price-substitution effect.
question
In a perfectly competitive market, if P > ATC in the short run, there is apt to be
entry of new firms into the market.
question
Which of the following would cause an economy to be producing at a point inside its production possibilities curve?
unemployment and an inefficient use of available resources
question
At a competitive firm's short-run break-even price,
p = atc
question
If an individual's income rises 40 percent and purchases of clothing rise 50 percent, the income elasticity for clothing by the individual is
1.25.
question
Suppose the cross price elasticity of demand between new iPad 4G and its carrier's 4G network is -1.32. This indicates that the two products are.
complements
question
The longer the time frame involved, the more likely it is that the demand will be relatively
elastic.
question
Economic profit is equal to
total revenue minus explicit and implicit costs.
question
When an entrepreneur invests his own financial capital in order to start a business,
the opportunity cost of capital should be included in the economic cost of doing business.
question
If the price elasticity of demand is 4, a 5 percent decrease in price will increase quantity demanded by
20% ???
question
At what productive circumstance, a frim's AVC will converge with (approach to) average total course curve (ATC)
when average fixed cost approach zero
question
A monopolist faces a demand curve that
is downward sloping.
question
A patent on a product gives a firm
protection from having the invention copied or stolen for a period of 17 to 20 years.
question
Price discrimination is the
selling a given product at more than one price when the price difference is unrelated to cost differences.
question
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive fırm in that a monopoly can
control the desired price or level of output to maximize profits, but a perfectly competitive fırm can only choose the desired output.
question
A monopolist maximizes profits by finding
the rate of output where marginal revenue equals marginal cost.
question
When price is \$5 per unit, quantity demanded is 10 units. When price is \$8 per unit, quantity demanded is 6 units. The value of the price elasticity of demand is approximately (before taking absolute value)
-13/12.
question
Input of Labor # of workers Total Product # of outputs 12 56 110 156 176 186 In Table above, marginal product starts to diminish after the
third worker.
question
Some costs do not vary with the quantity of output produced. Those costs are called
total fixed cost
question
For a perfect competitor in the market, marginal revenue equals
the price,
question
A diseconomy of scale indicates that a firm is producing its __ _at a _____ ATC.
ouput, higher
question
Price discrimination is most likely in the case of a monopolist selling
private college tuition.

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