30 Apr Question: 11. lmihe ing run, any perfectly competitive firm that produces will choose s quantity such that …
11. lmihe ing run, any perfectly competitive firm that produces will choose s quantity such that 1. The most fundamental economic problem is A) scarcity C) politics C) Long-run marginal cost equals long-run marginal D) Price is greater marginal cost 12. If goods A and B are e A) the cross elasticity of demand between A and B is positive. B) the cross elasticity of demancd C) their income el D) their income elasticities of demand are both greater than 1 D) health n A and B is negative. of demand are both less than 1 C) the monetary costs of an activity. D) the accounkting cost minas the marginal cost engages in consumer spending? A) firms C) factor markets 4. Average total cost is: A) the change in output divided by the change in costs. B) total cost times output C) total cost divided by output D) the change in cost divided by the change in output. 5. Total revenue is a firm’s: A) ratio of revenue to quantity B) total output times the price at which it sells that output. C) difference between revenue and cost D) change in revenue resulting from a unit change in output. 6. When the demand for a good decreases, its equilibrium price 13. This graph shows A) monopoly market C) oligopoly market 14. In the above figure, if the quantity is Q1, the firm A) the firm incurs an economic loss C) makes positive economic profit 15. In the above figure, if the quantity is more than Q3, the firm A) makes zero economic profit. C) the firm incurs an economic loss. D) All of the above. 16. A 10 percent increase in income causes the quantity of apple juice demanded to increase from 18,800 to 21,200 gallons. The income elasticity of demand for apple juice B) perfect competition market A) rises; decreases B) falls; decreases C) falls; increases D) rises; increases. 7. Buford Bus produced per worker increases. The marginal cost of output at Buford: A) will decrease (the MC curve will shift right). C) will increase (the MC curve will shift left). 8. A fall in the price of lemons from $10.50 to $9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is g installs a new assembly line. As a result, the output B) will be unchanged. D) is at its maximum. B) makes zero economic profit. D) total cost is minimized B) makes positive economic profit. B) 1.20. C) 8.00 D) 0.80, A) 1.25. 9. The income elasticity of demand is high for A) shelter. B) clothing C) luxuries D) food A) 0.5. 17. If steak and potatoes are complements, when the price of steak goes up, the demand curve for potatoes: B) 1.0 Dl0.8. what is the approximate are elasticity? B) shifts to the left
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