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Microeconomics Multiple Choice Review

question
Market in Equilibrium, If market supply increases...
answer
Price decreases while Quantity demanded increases
question
Price elasticity of demand is used to...
answer
Understand customer sensitivity to a change in price.
question
Home if bought for $300,000, They want to sell the home but it is now worth only $250,000. Renovation costs $20,000 but raises the price to $275,000. Should they do the renovations?
answer
Spend full 20,000 on renovations and then sell the home, ignore the sunk cost.
question
Firm has control of a price. Demand for the product is price elastic at current price...
answer
Increase revenue by decreasing price.
question
If thinking at the margin ignore...
answer
Sunk Costs
question
Activity where marginal benefit is greater than the marginal cost. Well-being can be increased by an
answer
increase in the activity level
question
Monopoly is a market structure characterized by...
answer
Product sold in the market is unique wit no good substitute.
question
When firms marginal revenue equals the marginal cost...
answer
The firms profit is at a maximum
question
500 parking spaces are supplied. 600 students want the parking spaces.
answer
Price is below the market equalibrium
question
What is a public good?
answer
A good that is available to anyone to utilize
question
All but 5 seats on an airline are full. The fixed cost equals $4500. The cost to fill the remaining seats is $25. What should the airline set the minimum price of the 5 remaining tickets as?
answer
At a minimum the price per ticket should be $25.
question
Marginal analysis is necessary for optimal decision making at the margin. A fundamental aspect of marginal analysis is...
answer
Fixed or Sunk Costs should not be considered.
question
If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs rises. True or False
answer
True
question
Oil producers expect that oil prices next year will be higher than oil prices this year. As a result the oil producers are most likely to
answer
B. Hold some oil off the market this year, shifting the present supply curve of the oil leftward.
question
Marginal utility is computed by dividing the total utility by the quantity consumed of the good. True or False
answer
False
question
The fewer substitutes for a good,
answer
the lower its price elasticity of demand.
question
Suppose someone believes that if a per-unit tax is placed on a producers of Good Y, the consumers of Good Y will end up paying the full tax. This person assumes that the demand curve for Good Y is
answer
Perfectly inelastic
1 of 17
question
Market in Equilibrium, If market supply increases...
answer
Price decreases while Quantity demanded increases
question
Price elasticity of demand is used to...
answer
Understand customer sensitivity to a change in price.
question
Home if bought for $300,000, They want to sell the home but it is now worth only $250,000. Renovation costs $20,000 but raises the price to $275,000. Should they do the renovations?
answer
Spend full 20,000 on renovations and then sell the home, ignore the sunk cost.
question
Firm has control of a price. Demand for the product is price elastic at current price...
answer
Increase revenue by decreasing price.
question
If thinking at the margin ignore...
answer
Sunk Costs
question
Activity where marginal benefit is greater than the marginal cost. Well-being can be increased by an
answer
increase in the activity level
question
Monopoly is a market structure characterized by...
answer
Product sold in the market is unique wit no good substitute.
question
When firms marginal revenue equals the marginal cost...
answer
The firms profit is at a maximum
question
500 parking spaces are supplied. 600 students want the parking spaces.
answer
Price is below the market equalibrium
question
What is a public good?
answer
A good that is available to anyone to utilize
question
All but 5 seats on an airline are full. The fixed cost equals $4500. The cost to fill the remaining seats is $25. What should the airline set the minimum price of the 5 remaining tickets as?
answer
At a minimum the price per ticket should be $25.
question
Marginal analysis is necessary for optimal decision making at the margin. A fundamental aspect of marginal analysis is...
answer
Fixed or Sunk Costs should not be considered.
question
If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs rises. True or False
answer
True
question
Oil producers expect that oil prices next year will be higher than oil prices this year. As a result the oil producers are most likely to
answer
B. Hold some oil off the market this year, shifting the present supply curve of the oil leftward.
question
Marginal utility is computed by dividing the total utility by the quantity consumed of the good. True or False
answer
False
question
The fewer substitutes for a good,
answer
the lower its price elasticity of demand.
question
Suppose someone believes that if a per-unit tax is placed on a producers of Good Y, the consumers of Good Y will end up paying the full tax. This person assumes that the demand curve for Good Y is
answer
Perfectly inelastic
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