30 Apr Question: D) shifts to the right and then moves back C) They guarantee that a market wil be competitive. Di…
D) shifts to the right and then moves back C) They guarantee that a market wil be competitive. Di All of the above 26. The price elasticity of demand ean he found by: A) measuring absolute changes in price and quantity demanded B) comparing the percentage change in quantity demanded to the percentage change in C) examining only the slope of the demand curve. D) knowing that when price changes, the quantity demanded goes in tbe opposite direction A) that must be between 6 months and 5 years. B) that Inwast be over 6 months in length. C) that is at least 3 years in length. D) over which a firm can consider all inputs as variable. 28. A firm is currently selling its product at S20 each. It estimates that its average total cost of production is $100 and its average fived cost is $40. In the short run the firm should 18. In the figure above, assuming that the firm does not shut down, the firm will A) 50 units 19. In the figure above, assuming that the firm does not shut down, it will charge a B) 40 units. C)30 units. D)20 units. C) Hire more employees 29.A monopolist can sell 15,000 units at a price of $100 per unit. Lowering price by $1 raises the quantity demanded by 500 units. What is the change in total revenue resulting D) Buy more capital C) 53. 20. In the figure above, the firm’s economic A) profit will be between $0 and $20 per day. B) loss will be greater than $20 per day C) profit will be greater than $20 per day 21. If at a given moment, no matter what the price, producers cannot change the quantity supplied, the momentary supply A) has infinite elasticity C) does not exist 22. A monopoly will not only charge a higher price, it will also produce output than a competitive market would produce D) loss will be $20 or less per day A) $34,500 B) S12.500 C) S65,500 D)-$35,500 30. In the kinked-demand curve model of oligopoly, the firm’s marginal revenue B) has unit elasticity D) has zero elasticity A) is kinked at the output level at which the demand curve is kinked. B) has a gap at an output level that is greater than that at which the demand curve is kinked. ) is kinked at an output level that is greater than that at which the demand curve is kinked. D) has a gap at the output level at which the demand curve is kinked. 31. Compared to competitive markets, ) higher prices, produce more output, but make lower profits. b) higher prices, produce more output, and make higher profits. c) higher prices, produce less output, and make higher profits d) lower prices, produce more output, and make higher profits. 32. As new firms enter a market, the equilibrium price will A) rise A) more B) less 23. Zoe’s Bakery operates in a perfectly competitive industry. Suppose that when the market price is 5 total cost of $4, and average variable cost of $3. From this we know Zoe’s marginal cost is 5, the ximizing output level of pastries is 150 units, with average and her short-run profits are A) 31; $150 C) $5: $300 D) S5: $150 B) SI: 5300 B) P> ATC A) They are all barriers to entry B) fall. C) stay the same. D) impossible to predict. 24. A perfectly competitive firm is definitely carning an economic profit when: C) P> MC. A) MR MC 25.What do patents, economies of scale, and exclusive franchises have in common? B) They are all granted by the govemment to monopoly firms.
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