20 Jun Problem Set #3
Module 3 Problem Sets
Principles of Economics
Name:
Date:
Question #1
Question #1: Draw a perfectly inelastic supply curve.
Answer:
Question #2
Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage will quantity demanded rise?
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Question #3
Question #3: (a) Illustrate a tax increase. (b) State what happens to equilibrium price and quantity.
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Question #4
Question #4: If the price of eye surgery falls by 50-percent and the quantity of contact lenses demanded falls by 25-percent, find the cross-price elasticity of demand for theses two goods.
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Question #5
Question #5: A perfect competitor would never charge more than market price because ________________; the perfect competitor would never charge less than market price because ________________________.
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Question #6
Question #6: How much is the firm’s most efficient output?
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Question #7
Question #7: At an output of 9, MC = 20 and AVC = $25. At an output of 10, MC = $32 and AVC = $26. What is the lowest price the firm will accept in the short-run?
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Question #8
Question #8: The perfect competitor operates at the __________________ point of his or her average total cost curve in the long-run.
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Question #9
Question #9: A monopoly is a firm that has ____________________substitutes.
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Question #10
Question #10: The five barriers to entering a monopolized industry are:
Answers:
1
2
3
4
5
Question #11
Question #11: There are basically only two justifications for monopolies:
Answers:
1
2
Question #12
Question #12: The main economic criticism of monopolies and big business in general is that they are ________________________________.
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Question #13
Question #13: Price discrimination occurs when a seller charges _________________________ for the same good or service.
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Question #14
Question #14: The monopolistic competitor’s demand curve slopes ________________________________________.
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Question #15
Question #15: U.S. Steel and a few cigarette companies were all engage in _________________________ to attain their economic ends.
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Question #16
Question #16: The oligopolist ________________________ at the minimum point of his or her ATC curve.
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Question #17
Question #17: The most important cartel in the world today is __________________________________________.
Answer:
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