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ECON-1010-A-Introduction to Microeconomics

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If the demand for the single-price monopoly's good is elastic, what is the relationship between the market price and the firm's marginal revenue?
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Which of the following actions involves price discrimination?

i.Charging different prices based on different production costs
ii.Charging local customers a lower price than tourists
iii.Charging more for the first pizza than for the second
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A graph plots price and cost (dollars per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 24 with an increment of 4 units. The vertical axis ranges from 0 to 25 with an increment of 5 units. The graph plots two slopes, two convex curves, and four closed points (4, 4), (8, 5), (8, 15), and (16, 10). The first slopes fall through (0, 25) to (10, 0) is labeled M R, and the second slope falls through (0, 25) to (20, 0) is labeled D. The first curve falls through (2, 5) to (4, 4) then rises through (8, 5) to (24, 18) is labeled M C and the second curve falls through (3, 25) to (16, 10) then rises through (20, 11) to (24, 15) is labeled A T C.

Figure 13.2.7

Refer to Figure 13.2.7, which shows the firm in monopolistic competition in the long run. What is the firm's excess capacity?
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A new firm enters the monopolistic competition market for digital devices. If it decides to advertise on the Internet, which of the following events will occur?

The firm's advertising will increase its
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Which of the following statements describes a market that is monopolistic competition?
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A graph plots price (dollars per jacket) versus Quantity (jacket per day). In the graph, the horizontal axis ranges from 0 to 400 with an increment of 80 units. The vertical axis ranges from 0 to 180 with an increment of 20 units. The graph plots two slopes, two convex curves, and a closed point (200, 78). The first slopes fall through (0, 120) to (400, 30) is labeled M R, and the second slope falls through (0, 120) to (400, 70) is labeled D. The first curve falls through (20, 70) to (80, 50) then rises through (160, 60) to (300, 170) is labeled M C and the second curve falls through (130, 160) to (280, 130) then rises through (320, 135) to (400, 160) is labeled A T C.

Figure 13.2.3

Refer to Figure 13.2.3, which shows the market demand curve for Gap's jackets and the marginal revenue and cost curves faced by Gap. What is Gap's short-run outcome?
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The market in which Roots sells its jackets is monopolistic competition. Roots' marginal cost of a jacket is $125 and its total fixed cost is $1,500 a day. If Roots' profit-maximizing output is 20 jackets a day, what is its average total cost of producing a jacket?
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A graph plots price and cost (dollars per unit) versus Quantity (units per week). The graph points plotted on the x-axis are 100, 140, 200, 220, and 250. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two convex curves, four falling curves, and six closed points (100, 70), (140, 55), (200, 80), (200, 100), (220, 90), and (250, 85). The first curve falls through (10, 35) to (40, 30) then rises through (100, 40) to (250, 100) is labeled M C, and the second curve falls through (95, 50) to (150, 55) then rises through (200, 65) to (250, 85) is labeled A T C. The first curve falls through (30, 78) to (160, 25) is labeled M R sub 2. The second curve that falls through (50, 95) to (190, 40) is labeled D sub 2. The third curve that falls through (150, 100) to (250, 70) is labeled M R sub 1. The fourth curve falls through (200, 100) to (250, 85) is labeled D sub 1.

Figure 13.2.5

Refer to Figure 13.2.5, which shows a firm in monopolistic competition. The curve D2 shows the demand for the firm's output. When the firm maximizes profit, what is the profit it makes or the loss it incurs in the short run?
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If each firm in monopolistic competition advertises its brand-named good, how does the demand for each firm's good and the firm's markup change?

If advertising makes the demand for each brand-named good more elastic, the firm's markup ________. If advertising makes demand for each brand-named good less elastic, the firm's markup ________.
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Which of the following events occurs when one firm in monopolistic competition produces a new and improved product?

Product development is efficient if the marginal social cost of a new and improved product ________ its marginal social benefit. In monopolistic competition marginal revenue is less than price, so product development is probably ________ to its efficient level.
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