question
Suppose that more people want Ducks tickets than the number of tickets available. WOTF statements is correct?
answer
a. There is a SHORTAGE of Ducks tickets at the box office price
c. If the box office price were raised, the excess demand for Ducks tickets would decrease
c. If the box office price were raised, the excess demand for Ducks tickets would decrease
question
In WOTF cases must price ALWAYS fall?
answer
c. Supply increases and demand remains constant
d. Demand decreases and supply increases
d. Demand decreases and supply increases
question
If the quantity of gidgets demanded increases when the price of gadgets decreases..
answer
gidgets and gadgets are COMPLEMENTS
question
When a firm earns less than a normal profit,
answer
a. the revenues generated cannot pay all explicit costs and the opportunity cost of using owner-supplied resources
b. accounting profit is negative
c. economic profit is zero
d. normal profit is negative
e. ALL OF THE ABOVE
b. accounting profit is negative
c. economic profit is zero
d. normal profit is negative
e. ALL OF THE ABOVE
question
WOTF would lead to a DECREASE in the demand for I-pods?
answer
a. An increase in the price of I-pods
question
If input prices increase, all else equal,
answer
c. supply will decrease
question
If average product is decreasing, then marginal product...
answer
b. must be less than average product
c. must be decreasing
c. must be decreasing
question
The demand for good X will be more elastic than the demand for good Y when
answer
b. good X accounts for a larger percentage of a typical consumer's budget than good Y
question
Total revenue increased for a firm operating in the elastic range of its demand curve. WOTF statements is correct?
answer
b. the firm must have lowered price
c. quantity demanded must have increased
c. quantity demanded must have increased
question
If a firm is producing the level of output at which short-run average cost equals long-run average cost, then
answer
a. the firm has chosen the cost-minimizing combination of inputs to produce this level of output
b. with a fixed amount of capital, short-run average cost is greater than long-run average cost at any other level of output
b. with a fixed amount of capital, short-run average cost is greater than long-run average cost at any other level of output
question
What happens to consumer surplus if the price of good increases?
answer
b. It decreases
question
If a firm is producing a given level of output in a technically efficient manner, then it must be the case that..
answer
a. this is the lowest cost method of producing that output
c. this output level is the most that can be produced with the given levels of inputs
c. this output level is the most that can be produced with the given levels of inputs
question
Diseconomies of scale
answer
a. exist when fixed cost increases as output increases
b. exist when long-run average cost increases as output increases
b. exist when long-run average cost increases as output increases
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