Microeconomics Final – Missed Test Questions

Q: (1-3) The diagram (see diagram on test) shows three supply curves for apples today. Which of the following would cause the supply of apples to shift from S1 to S3?

(C) expectations of higher apples prices in the future

Q: (2-28) In Table 9-3, select the statement that accurately interprets the data from the table

(C) Bryce has a comparative advantage in making soap

Q: (3-5) A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The minimum possible average variable cost is $1. The market price of the product is $1.25. To maximize profits, the firm should

(C) continue production, but produce less than 500 units

question

(1-1) The income and substitution effects account for?

answer

(B) the downward sloping demand curve

question

(1-3) The diagram (see diagram on test) shows three supply curves for apples today. Which of the following would cause the supply of apples to shift from S1 to S3?

answer

question

(1-10) If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good given up) remains constant, then the shape of the production possibilities curve is

answer

(D) a straight downward-sloping line

question

(1-17) Which of the following statements is an explanation for the law of increasing opportunity costs?

answer

(A) Many economics resources are better at producing one product rather than another

question

(1-19) The Law of Increasing Opportunity Costs states that

answer

(A) as output increases the marginal cost increases

question

(1-20) Refer to the three donut demand curves above. A "decrease in quantity demanded" would be illustrated by a change from..

answer

(B) point 2 to point 5

question

(1-28) Which statement is true about supply?

answer

(B) To entice producers to offer more of a good on the market for sale, price must rise

question

(1-33) If, in a competitive market, marginal benefit is less than marginal cost...

answer

(D) the output is greater than the equilibrium quantity

question

(2-9) In Figure 5-2, the deadweight loss due to externality is represented by the area

answer

(A) abf

question

(2-15) If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded

answer

(D) will decrease by 45 percent

question

(2-28) In Table 9-3, select the statement that accurately interprets the data from the table

answer

question

(3-4) Use the following graph to answer the next question. The perfectly competitive firm's supply curve is the

answer

(A) MC curve above G

question

(3-5) A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The minimum possible average variable cost is $1. The market price of the product is $1.25. To maximize profits, the firm should

answer

question

(3-9) Use the following graph to answer the next question. This diagram shows the short-run average total cost curves for five different plant sizes of a firm. If in the long run the plant should produce output x, it should do it with a plant of size

answer

question

(3-10) Use the following graph showing cost curves for a competitive firm to answer the next question. What is the lowest price at which the firm will start producing output in the short run?

answer

(D) $0.60

question

(3-11) Use the following graph to answer the next question. Given the diagram above, which level of output should the entrepreneur choose?

answer

question

(3-16) When a monopolist sells an output level of 10 units, the price is $8. MR at this output level will be

answer

(D) <$8

question

(3-17) Which of the following is true under conditions of pure competition

answer

(A) no single firm can influence the market price by changing its output

question

(3-21) In the long run, the economic profits for a monopolistically competitive firm will be

answer

(A) slightly more than the profits of a purely competitive firm

question

(3-26) A profit-maximizing firm in the short run will expand output

answer

(B) as long as marginal revenue is greater than marginal cost

1 of 20

question

(1-1) The income and substitution effects account for?

answer

(B) the downward sloping demand curve

question

(1-3) The diagram (see diagram on test) shows three supply curves for apples today. Which of the following would cause the supply of apples to shift from S1 to S3?

answer

question

answer

(D) a straight downward-sloping line

question

(1-17) Which of the following statements is an explanation for the law of increasing opportunity costs?

answer

(A) Many economics resources are better at producing one product rather than another

question

(1-19) The Law of Increasing Opportunity Costs states that

answer

(A) as output increases the marginal cost increases

question

(1-20) Refer to the three donut demand curves above. A "decrease in quantity demanded" would be illustrated by a change from..

answer

(B) point 2 to point 5

question

(1-28) Which statement is true about supply?

answer

(B) To entice producers to offer more of a good on the market for sale, price must rise

question

(1-33) If, in a competitive market, marginal benefit is less than marginal cost...

answer

(D) the output is greater than the equilibrium quantity

question

(2-9) In Figure 5-2, the deadweight loss due to externality is represented by the area

answer

(A) abf

question

(2-15) If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded

answer

(D) will decrease by 45 percent

question

(2-28) In Table 9-3, select the statement that accurately interprets the data from the table

answer

question

(3-4) Use the following graph to answer the next question. The perfectly competitive firm's supply curve is the

answer

(A) MC curve above G

question

answer

question

answer

question

(3-10) Use the following graph showing cost curves for a competitive firm to answer the next question. What is the lowest price at which the firm will start producing output in the short run?

answer

(D) $0.60

question

(3-11) Use the following graph to answer the next question. Given the diagram above, which level of output should the entrepreneur choose?

answer

question

(3-16) When a monopolist sells an output level of 10 units, the price is $8. MR at this output level will be

answer

(D) <$8

question

(3-17) Which of the following is true under conditions of pure competition

answer

(A) no single firm can influence the market price by changing its output

question

(3-21) In the long run, the economic profits for a monopolistically competitive firm will be

answer

(A) slightly more than the profits of a purely competitive firm

question

(3-26) A profit-maximizing firm in the short run will expand output

answer

(B) as long as marginal revenue is greater than marginal cost

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Microeconomics Final – Missed Test Questions

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