03 Jun Question Quiz Note: It is recommended that you save your res
Question
Quiz
Note: It is recommended that you save your response as you complete each question.
Question 1 (4 points)
A profit-maximizing firm will:
Question 1 options:
a) expand employment if marginal revenue product equals marginal resource cost.
b) reduce employment if marginal revenue product equals marginal resource cost.
c) reduce employment if marginal revenue product is less than marginal resource cost.
d) expand employment if marginal revenue product is less than marginal resource cost.
Question 2 (4 points)
Effective usury laws:
Question 2 options:
a) subsidize lenders.
penalize those who
borrow at the
b)
below-market
interest rate.
improve efficiency
c)
in investing.
keep some lowincome people from
d)
obtaining credit and
loans.
Question 3 (4 points)
The supply of land is:
Question 3 options:
a) almost perfectly inelastic.
b) negatively sloped.
c) relatively elastic.
d) perfectly elastic.
Question 4 (4 points)
Refer to the above diagram for a monopolistically competitive firm in
short-run equilibrium. This firm’s profit-maximizing price will be:
Question 4 options:
a) $10.
b) $13.
c) $16.
d) $19.
Question 5 (4 points)
Refer to the above diagram for a purely competitive producer. If product
price is P3:
Question 5 options:
a) the firm will maximize profit at point d.
b) the firm will earn an economic profit.
c) economic profits will be zero.
d) new firms will enter this industry.
Question 6 (4 points)
The concept of price elasticity of demand measures:
Question 6 options:
a) the slope of the demand curve.
b) the number of buyers in a market.
the extent to which the demand curve shifts as the result of a price
c)
decline.
d) the sensitivity of consumer purchases to price changes.
Question 7 (4 points)
For most producing firms:
Question 7 options:
marginal cost rises as output is carried to a certain level, and then
begins to decline.
total costs rise as output is carried to a certain level, and then
b)
begin to decline.
average total costs decline as output is carried to a certain level,
c)
and then begin to rise.
average total costs rise as output is carried to a certain level, and
d)
then begin to decline.
a)
Question 8 (4 points)
In the long run a pure monopolist will maximize profits by producing that
output at which marginal cost is equal to:
Question 8 options:
a) average total cost.
b) marginal revenue.
c) average variable cost.
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