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microeconomics
Questions and Answers of
Microeconomics
Output ______.a) is OKb) is OLc) is OMd) cannot be found on this graph. Price ($) I E O Figure 4 J G F K L M Output MC ATC D, MR AVC
Profit per unit is ________.a) MFd) FJb) MGe) GJc) MJ Price ($) - I E O Figure 4 KL J Output G F M LL MC ATC D, MR AVC
Statement 1 : No firm will stay in business more than one year if it is losing large sums of money. Statement 2 : Many dot-coms have lost money in the short run.a) Statement 1 is true, and statement
Under perfect competition there are so many firms that no one firm has any influence over _______.
The determination that a product is identical takes place in ________.
The perfect competitor’s demand curve is a (n) ________; the marginal revenue curve is a (n) ___________.
A perfect competitor would never charge more than market price because _________; the perfect competitor would never charge less than market price because _______-.
In the short run the perfect competitor may make a (n) or take a (n) ____________-; in the long run the perfect competitor will __________.
In a perfectly competitive industry, if firms are making profits _____, which will result in zero profits in the long run__________; if there are losses in the short run, , resulting in zero profits
The perfect competitor operates at the ____________ point of her average total cost curve in the long run.
If the firms in a competitive industry are earning profits, in the long run new firms will ________.But if most fi rms are losing money, then in the long run some of the firms will __________.
What are the main barriers to entry? Explain how each barrier can foster monopoly.
Practical Application: Let’s say that you wanted to go into business for yourself.Your rich uncle offered to invest $100,000 in this business, but he had one provision—that it must be a monopoly.
Which statement is true?a) All monopolists’ products have close substitutes.b) Most fi rms in the United States are monopolies.c) There are no monopolies in the United States.d) A monopoly is a
The monopolist is ______.a) an imperfect competitor and has a horizontal demand curveb) an imperfect competitor and has a downwardsloping demand curvec) a perfect competitor and has a horizontal
A downward-sloping demand curve means ______.a) you have to lower your price to sell moreb) demand falls as output risesc) demand rises as output risesd) total revenue declines as price is lowered
The monopolist’s demand and marginal revenue curves ___________.a) are exactly the sameb) are completely differentc) coincide only at one unit of outputd) cross.
The monopolist produces _____.a) where MC equals MRb) at the minimum point of ATCc) at maximum outputd) when price is highest.
If a monopolist has a straight-line demand curve, its marginal revenue curve ___________.a) will be the same as the demand curveb) will fall twice as quickly as the demand curvec) will lie below
Which statement is true?a) The monopolist and the perfect competitor both produce where MC equals MR.b) Neither the monopolist nor the perfect competitor produce where MC equals MR.c) The
Which statement is true about economic profit in the long run?a) Both the monopolist and the perfect competitor make one.b) Neither the monopolist nor the perfect competitor makes one.c) Only the
Which statement is true?a) The monopolist cannot lose money.b) The monopolist always operates a large fi rm.c) The monopolist will not lose money in the short run.d) The monopolist will not lose
The most efficient output is found _______.a) where MC and MR crossb) at the bottom of the ATC curvec) when the demand and MR curves are equald) where the ATC and demand curves cross
When the monopolist is losing money, ______.a) we are in the short runb) we are in the long runc) it is impossible to tell if we are in the short run or the long rund) we have to go back and
The basis for monopoly in the automobile industry would most likely be ______.a) control over an essential resourceb) economies of scalec) legal barriers
Which statement is true?a) It is impossible for monopolies to exist in the United States.b) Once a monopoly is set up, it is impossible to dislodge it.c) Monopolies can be overcome only by market
Which of the following is a natural monopoly?a) the National Football Leagueb) a local phone companyc) DeBeers Diamond Companyd) IBM
Each of the following is true about Walmart except that ______.a) it is the largest employer in the United Statesb) it is the largest company in the worldc) it pays its employees, on average,
An example of government ownership of a monopoly is ______.a) the Tennessee Valley Authorityb) the New York State Public Service Commissionc) AT&Td) General Motors.
Who said, “Good organizations should be structured by geniuses so that idiots can run them. Unfortunately, most American organizations are structured by idiots so that it takes a genius to run
Which statement is true?a) The monopolist is just as driven as the competitive firm to control costs and use r e sources efficiently.b) The monopolist often charges his customers higher prices and
The monopolist produces at the minimum point of her ATC curve _________-.a) all the timeb) most of the timec) some of the timed) none of the time
Which statement is the most accurate?a) The rationale for natural monopoly has been strengthened by deregulation.b) Your local phone and electric companies will probably continue to be monopolies
If this firm produced at optimum efficiency, it would have an output of _________.a) less than 10b) 10c) more than 10, but less than 14d) 14e) more than 14 Price ($) 20 16 12 Figure 1 8 4 0 4 8
This firm is _______.a) making a profit of $25b) making a profit of 0c) taking a loss of $25d) taking a loss of $30e) taking a loss of $50 Price ($) 20 16 12 Figure 1 8 4 0 4 8 Output 12 MC MR
The TV networks in the late 1940s, Microsoft in the 1990s, and Apple, most recently, have all created ecosystems of thousands of dependent fi rms, while raising a strong barrier to competition, which
(a) Fill in Table 1. (b) Using your own piece of graph paper, draw a graph of the firm’s demand, marginal revenue, marginal cost, and average total cost curves.(c) Calculate the firm’s total
(a) Fill in Table 2. (b) Using your own piece of graph paper, draw a graph of the firm’s demand, marginal revenue, marginal cost, and average total cost curves.(c) Calculate the firm’s total
(a) Using the data from Figure 3, calculate the firm’s total profit.(b) If the firm operates at optimum efficiency, how much will its output be?(c) If the firm were a perfect competitor, how much
In Figure 4 draw in the demand curve and the marginal revenue curve of a monopolist making a profit. How much is the most profitable output? Price ($) 50 40 30 20 10 0 Figure 4 10 20 30 Output MC ATC
In Figure 5 draw in the demand curve and the marginal revenue curve of a monopolist taking a loss. At what output does the firm produce? Price ($) 100 80 60 40 20 0 Figure 5 4 8 Output 12 MC 16 ATC
Using the information in Figure 6, calculate the total profit or total loss made by this firm. Price ($) 20 16 12 8 4 0 Figure 6 4 8 Output 12 MC ATC 16 D MR
Using the information in Figure 7, calculate the total profit or total loss made by this firm. Price ($) 100 80 60 40 20 0 Figure 7 4 8 12 Output MC ATC 16 D MR
When demand rises and supply stays the same, ______.a) equilibrium quantity risesb) equilibrium quantity declinesc) equilibrium quantity stays the same.
When supply rises and demand stays the same, _______.a) equilibrium quantity risesb) equilibrium quantity fallsc) equilibrium quantity stays the same
At equilibrium price, quantity demanded is _____. a) greater than quantity suppliedb) equal to quantity suppliedc) smaller than quantity supplied
When quantity demanded is greater than quantity supplied, _______.a) market price will riseb) market price will fallc) market price will stay the same
What happens to quantity supplied when price is lowered?a) It rises.b) It falls.c) It stays the same.d) It cannot be determined if it rises, falls, or stays the same.
What happens to quantity demanded when price is raised?a) It rises.b) It falls.c) It stays the same.d) It cannot be determined if it rises, falls, or stays the same.
When market price is above equilibrium price, _______.a) market price will riseb) equilibrium price will risec) market price will falld) equilibrium price will fall
At equilibrium, quantity demanded is __________equal to quantity supplied.a) sometimesb) alwaysc) never
Market price ____________equilibrium price.a) must always be equal tob) must always be abovec) must always be belowd) may be equal to
A demand schedule is determined by the wishes and abilities of _____.a) sellersb) buyersc) buyers and sellersd) neither sellers nor buyers
In Figure 1, if market price were $110, there would be ______. a) a shortageb) a surplusc) neither a shortage nor a surplus Price ($) 180 160 140 130 120 110 100 Figure 1 S D 20 40 60 80 100 120
In Figure 1, if market price were $140, there would be ______. a) a shortageb) a surplusc) neither a shortage nor a surplus Price ($) 180 160 140 130 120 110 100 Figure 1 S D 20 40 60 80 100 120
Market price may not reach equilibrium if there are ______.a) both price ceilings and price floorsb) neither price ceilings nor price floorsc) only price ceilingsd) only price fl oors
Gas lines in the 1970s were caused by ______.a) price floorsb) price ceilingsc) both price floors and price ceilingsd) neither price floors nor price ceilings.
Statement 1: Price ceilings cause shortages. Statement 2: Interest rates are set by supply and demand, but wage rates are not.a) Statement 1 is true and statement 2 is false.b) Statement 2 is true
If the equilibrium price of corn is $3 a bushel, and the government imposes a floor of $4 a bushel, the price of corn will ______.a) increase to $4b) remain at $3c) rise to about $3.50d) be
Usury laws tend to __________-.a) create a shortage of loanable fundsb) create a surplus of loanable fundsc) make it easier to obtain creditd) have no effect on the amount of loanable funds
If the price system is allowed to function without interference and a shortage occurs, quantity demanded will __________ and quantity supplied will _____as the price rises to its equilibrium
Which statement is true?a) A price floor is above equilibrium price and causes surpluses.b) A price floor is above equilibrium price and causes shortages.c) A price floor is below equilibrium
A decrease in demand while supply remains unchanged will lead to ______.a) an increase in equilibrium price and equilibrium quantityb) a decrease in equilibrium price and equilibrium quantityc) an
As price rises,_________.a) quantity demanded and quantity supplied both riseb) quantity demanded and quantity supplied both fallc) quantity demanded rises and quantity supplied fallsd) quantity
When quantity demanded is greater than quantity supplied, there ____.a) is a shortageb) is a surplusc) may be either a shortage or a surplusd) may be neither a shortage nor a surplus
When quantity supplied is greater than quantity demanded, ___________-.a) price will fall to its equilibrium levelb) price will rise to its equilibrium levelc) price may rise, fall, or stay the
At a market price of $47, there is _______.a) a shortageb) a surplusc) both a shortage and a surplusd) neither a shortage nor a surplus Price ($) 49 48 47 46 45 44 43 42 41 40 Figure 2 S D 10 20
At a market price of $42, there is ____________.a) a shortageb) a surplusc) both a shortage and a surplusd) neither a shortage nor a surplus. Price ($) 49 48 47 46 45 44 43 42 41 40 Figure 2 10
To what degree has our economy recovered from the Great Recession?
Which statement is true? a) Twenty-five million Americans were officially unemployed in 1933.b) Our economy expanded steadily from 1933 to 1945.c) Once the Great Depression began in 1929, our
In the early 19th century, the United States suffered from a scarcity of _______ . a) land and laborb) land—relative to laborc) labor—relative to landd) neither land nor labor
Which statement is false? a) President Eisenhower presided over three recessions.b) Our economy has not had an unemployment rate below 5 percent since the early 1940s.c) There were six straight
Which statement is true?a) There was a great deal of stagflation in the 1970s.b) We had full employment for most of the 1980s.c) We have had seven recessions since World War II.d) None of the
Each of the following were elements of the New Deal except _______. a) relief, recovery, reformb) a massive employment programc) unemployment insurance and bank deposit insuranced) a balanced
Which of these best describes the post–World War II recessions in the United States? a) They were all very mild, except for the 1981–82 recession.b) They were all caused by rising interest
At the time of the American Revolution, about of ______ every 10 Americans lived on a farm.a) 1c) 5e) 9b) 3d) 7
Between 1939 and 1944, federal government spending rose by more than _____ .a) 100 percentb) 200 percentc) 300 percente) 500 percent d) 400 percent
Each of the following was a year of high unemployment except _____.a) 1933b) 1938c) 1944e) 1982 d) 1975
The year 2012 could be described as having had a relatively____ unemployment rate and a relatively _____rate of inflation.a) low, lowc) high, lowb) high, highd) low, high
Between 1929 and 1933, output fell ______.a) by about one-tenthb) by about one-thirdc) by about one-halfd) by about two-thirds
The inflation rate declined during the presidency of ______. a) both Eisenhower and Reaganb) neither Eisenhower nor Reaganc) Reagand) Eisenhower
Which of the following would be the most accurate description of our economy since the end of 2007? a) We have had virtually no economic problems.b) We experienced the worst economic mess since
The transcontinental railroads completed in the 1860s, 1870s, and 1880s all bypassed the ____. a) Northeastb) Midwestc) Southd) mountain statese) Far West
Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered _____. a) much more stableb) about as stablec) much less stable
The longest economic expansion in our history began in _____. a) the spring of 1961b) the winter of 1982c) the spring of 1991d) the fall of 1993
The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the _____. a) second quarter of the 19th centuryb) third quarter of the 19th centuryc) fourth quarter of
________. completely changed the face of the United States in the 25 years following World War II. a) Almost constant warfareb) Suburbanizationc) Welfare spendingd) The loss of jobs to Japan,
Medicare and Medicaid were inaugurated under the administration of _____. a) FranklinD. Rooseveltb) Harry S. Trumanc) DwightD. Eisenhowerd) JohnF. Kennedye) LyndonB. Johnson
Most of the recessions since World War II lasted _________.a) less than 6 monthsd) 18 to 24 monthsb) 6 to 12 monthse) 24 to 36 monthsc) 12 to 18 months
Which statement is true?a) President Eisenhower attempted to undo most of the New Deal.b) There was a major tax cut in 1964.c) The federal budget deficit was reduced during President Lyndon
There was a major tax cut in _____. a) both 1964 and 1981b) neither 1964 nor 1981c) 1964, but not in 1981d) 1981, but not 1964
Our economic growth began to slow markedly ______.a) in the early 1940sb) in the early 1960sc) in the early 1970sd) between 1982 and 1985
During World War II most of the people who got jobs in defense plants were ______who had _________experience building planes, tanks, and warships. a) men, substantialb) men, noc) women,
In the 1970s, our economy suffered from ______. a) inflation but not stagnationb) stagnation but not inflationc) inflation and stagnationd) neither inflation nor stagnation
There were no recessions during the administration of _______.a) DwightD. Eisenhowerb) Ronald Reaganc) Bill Clintond) George W. Bush
Our longest uninterrupted economic expansion took place mainly in the decade of the ______. a) 1940sb) 1950sc) 1960se) 1980sd) 1970sf) 1990s
In the 1990s our economy has generated more than ______million additional jobs. a) 5b) 10c) 15d) 20
What set off the Great Recession? a) the bursting of the housing bubbleb) the sharp decline in oil pricesc) the escalation of the war in Iraqd) a surge in imports from China
Which statement is the most accurate? a) The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.b) The South seceded from the
The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by .a) warsb) the mechanization of
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