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ECON-1010-A-Introduction to Microeconomics

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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. If the market is perfectly competitive, which area indicates consumer surplus?
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Table 12.4.1

The two columns of the table are titled Price in dollars per unit and Quantity demanded in units per hour. The rows display the data as follows:8; 07; 16; 25; 34; 43; 52; 61; 7

Refer to Table 12.4.1, which shows the demand schedule for the good produced by a monopoly. If this monopoly perfectly price discriminates and its marginal cost is constant at $3 per unit, how many units does the monopoly produce?
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A graph plots Price (dollar per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 80 with an increment of 20 units. The vertical axis ranges from 0 to 100 with an increment of 20 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 50) to (80, 50) is labeled M C, and three closed points (20, 50), (20, 75), and (40, 50). The first slope that falls through (0, 100) to (40, 0) is labeled M R and the second slope that falls through (0, 100) to (80, 0) is labeled D.

Figure 12.4.6

Refer to Figure 12.4.6, which shows a perfect price-discriminating monopoly. Which of the following statements is correct?

The perfect price-discriminating monopoly is
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Which of the following statements satisfies the conditions for a market to be classified as monopoly?

A monopoly is a market with a single firm that
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Which of the following need not be satisfied for a perfectly competitive market to achieve allocative efficiency? 
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When a perfectly competitive firm is producing the profit-maximizing amount of output, which of the following situations determines the firm's output?

The firm is producing the quantity at which its ________ curve intersects its ________ curve.
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Which of the following situations arises when a firm is a price taker?

A firm is a price taker when it
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How does a competitive firm's decision to shut down in the short run influence its total costs?

The shutdown decision ________ total fixed cost and ________ total variable cost.
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What is the maximum economic loss that a perfectly competitive firm will bear in the short run?
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The horizontal axis represents quantity in frames per day and ranges from 0 to 45 with interval 5. The vertical axis represents price and cost in dollars per frame and ranges from 0 to 20 with interval 4.An upward-sloping curve that becomes steeper is labeled MC. The curve has points at (5, 4), (20, 8), (30, 12), and (35,16). Dotted lines are drawn from the points perpendicular to both axes.A u-shaped curve with its minimum at (30, 12) is labeled ATC.A u-shaped curve that lies below curve ATC and has a minimum at (20, 8) is labeled AVC.The MC curve intersects the ATC curve at (30, 12) and intersects the AVC curve at (20, 8).

Figure 11.3.4 

Refer to Figure 11.3.4, which shows the cost curves of Paul's Picture Frames Inc. The picture frame market is perfectly competitive. If the market price is $12 a frame, which of the following statements is correct?

Paul produces ________ frames a day and makes daily total revenue of ________.
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