Question: 19. Imposing a tax on a good creates an excessive burden since government revenues exceed the total surplus loss. true or false 20. If the

19. Imposing a tax on a good creates an excessive burden since government revenues exceed the total surplus loss.

true or false

20. If the production function for a good y is given by the equation =(21,2), choose one

- Isoquant curves will be concave

-The isoquant curves will be L-shaped.

- Isoquant curves will be convex and monotonic

-Isoquant curves will be straight lines with a negative slope.

23.When the demand curve is linear and downward sloping, marginal revenue is, choose one

- higher than the price

- less than the price

- not lineal

- the same as the price

24. When diseconomies of scale exist (i.e. Decreasing Returns to Scale):, choose one

- The marginal cost intercepts the average total cost.

- Fixed costs increase.

- The long-run average total cost curve is upward sloping

- The long-run average total cost curve is downward sloping.

25. If the absolute value of the price elasticity of demand is less than one (1), the marginal revenue generated by selling an additional unit will be negative.

true or false

26. The slope of the budget constraint line represents the relative price of good one.

true or false

27. If the demand for a product is elastic, the absolute value of the price elasticity of demand is:

- less than one

- equal to one

- bigger than one

- zero

29. If the demand curve is linear, then

- It is elastic if its slope is greater than 1.

- is elastic if its slope is equal to 1

- its elasticity varies along the line.

- is unitarily elastic across the curve.

30. Average fixed cost remains constant as a firm's output increases.

true or false

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