Microeconomics Final Assessment Wunder

"Which expression is another way of saying ""marginal cost""? "

Which is an example of a microeconomic question?

Costs that do not change with output are called __________ costs.

An advance in technology causes

Which industry would be the best example of an oligopoly?

"On a supply-and-demand diagram, equilibrium is found"

Which of the following is the best example of a monopoly?

"Johnson Corp, is selling based on marginal cost pricing. If the marginal cost of producing good A is twice that of B, what is the price of A if the price of B is $.80? "

"You can drive from Kansas City to St. Louis in five hours. You can fly between both cities in two hours. The price of an airline ticket is $150. The dollar cost of driving between the cities is $50. About what hourly wage would make the ""full"" cost of driving equal the ""full"" cost of flying, where ""full"" cost includes the value of time? "

Refer the graph. Equilibrium price and quantity are

Refer the graph. Curve A is a(n) __________ cost curve.

Refer to graph. What theory is represented?

"If Max's demand for hot dogs falls as his income rises, then for Max hot dogs are"

"If the price level rises by 4 percent in a year and nominal income increase by 2 percent, then real income will: "

Which is not a factor of production?

What is a potential negative effect of advertising?

"Other things equal, which reduces competition in an industry? "

The opportunity cost of a new public highway is the:

A nation that devotes more of its resources to capital investment is likely to:

One feature of pure monopoly is that the monopolist is:

Which characteristic would best be associated with pure competition and is a reason why economists suggest pure competition makes society better off?