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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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A graph plots price and cost (dollars per calculator) versus Quantity (Calculation per day). In the graph, the horizontal axis ranges from 0 to 500 with an increment of 100 units. The vertical axis ranges from 0 to 16 with an increment of 4 units. The graph plots two slopes, two convex curves, and four closed points (200, 8), (200, 12), (300, 8), and (300, 10). The first slopes fall through (0, 16) to (380, 1) is labeled M R, and the second slope falls through (0, 16) to (500, 6) is labeled D. The first curve falls through (120, 4) to (200, 2) then rises through (300, 4) to (400, 16) is labeled M C and the second curve falls through (150, 16) to (350, 8) then rises through (400, 8) to (500, 16) is labeled A T C.

Refer to Figure 13.2.6, which shows the situation facing Smart Digit, Inc., a firm in monopolistic competition that produces calculators. What is the firm's economic profit per day?

between $701 and $900

between $1 and $700

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Which of the following completed sentences is correct?

Advertising costs are ________ costs and the per unit cost of advertising ________ as production increases.

variable; increases

fixed; decreases

variable; does not change

fixed; increases

variable; decreases

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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.

Refer to Figure 13.2.5, which shows a firm in monopolistic competition. The curve D1 shows the demand for the firm's output. To maximize economic profit, what prices does the firm charge and what quantity does it produce?

$70 a unit; 100 units a week

$80 a unit; 200 units a week

$90 a unit; 220 units a week

$55 a unit; 140 units a week

$100 a unit; 200 units a week

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Which of the following situations applies to firms in oligopoly?

Each firm produces a differentiated product and all firms compete only on price.

Firms produce differentiated products and supply forms a natural barrier to entry.

Firms might produce an identical product and compete only on price, or they might produce a differentiated product and compete on price, product quality, and marketing.

All firms produce identical products and compete only on price.

Firms produce identical products when economies of scale form a natural barrier to entry.

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Which of the following market type is similar to oligopoly?

Monopolistic competition because firms in both markets face a perfectly elastic demand.

Perfect competition because both firms in both market types make zero economic profit in the long run.

Monopoly because both market types have barriers to entry.

Perfect competition because both market types produce identical goods.

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Which of the following situations exists in monopolistic competition?

Each firm can influence the price of what it sells because

it advertises its product.

all firms differentiate their product.

each firm can reap economies of scale.

all firms sell their products to many buyers.

barriers to entry exit.

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When is a firm in monopolistic competition undertaking the profit-maximizing amount of product development?

The profit-maximizing amount of product development occurs when

the firm makes an economic profit in the long run.

the firm sells an improved product for a higher price than it previously charged.

the marginal cost and marginal revenue of product development are equal.

the marginal social cost and marginal social benefit of product development are equal.

the firm's economic profit increases in the short run.

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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 100 with an increment of 10 units. The vertical axis ranges from 0 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 16), (40, 36), (60, 24), and (70, 30). The first slopes fall through (0, 60) to (50, 05) is labeled M R, and the second slope falls through (0, 60) to (88, 5) is labeled D. The first curve falls through (02, 19) to (20, 14) then rises through (60, 24) to (98, 80) is labeled M C and the second curve falls through (20, 65) to (60, 30) then rises through (70, 30) to (100, 16) is labeled A T C.

Refer to Figure 13.2.4, which shows a firm in monopolistic competition. To maximize economic profit, what output does the firm produce?

80 units per week

70 units per week

less than 40 units per week

40 units per week

60 units per week

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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 100 with an increment of 10 units. The vertical axis ranges from 0 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 20), (40, 50), (60, 40), and (80, 30). The first slopes fall through (0, 70) to (50, 10) is labeled M R, and the second slope falls through (0, 70) to (100, 20) is labeled D. The first curve falls through (02, 18) to (20, 10) then rises through (40, 20) to (80, 80) is labeled M C and the second curve falls through (02, 58) to (40, 25) then rises through (50, 25) to (90, 30) is labeled A T C. All values are estimated.

Refer to Figure 13.2.1, which shows a firm in monopolistic competition. What price does this firm charge?

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Which of the following characteristics determines that a market is oligopoly?

Firms are mutually independent because many firms operate in this market.

New firms are free to enter.

Each firm has to be aware of the decisions of other firms because all firms are large relative to the size of the market.

Each firm makes the same economic profit.

Firms are so large relative to the market that they do not have to consider other firms' prices.

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