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Microeconomics

Microeconomics

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Which of the following illustrates the law of diminishing returns?

As a factory increases its output, the average total cost of producing the product goes down.

As a factory increases its output, the total revenues from the product goes down.

As a factory adds more workers, the workers' total product goes down.

As a factory adds more workers, the workers' marginal product goes down.

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Refer to Figure 5.5. If the government imposes a tax of $15, what will be the new equilibrium price consumers pay and quantity consumers purchase?

price=$45, quantity=150

price=$55, quantity=50

price=$40, quantity=200

price=$50, quantity=100

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Suppose that you have 4 things you could do on Saturday night. Your order of preference is: 1) watch TV; 2) study economics; 3) read a book; and 4) go to a movie. Your opportunity cost of watching TV is ________.

zero since it did not cost you anything to watch TV

the value of the book you did not read

the sum of the values in A, B and C above

the value of the movie you did not go to

the value of studying not done

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If the actual price is greater than the equilibrium price, which of the following will NOT occur?

Deadweight loss will exist in the market place.

a shortage

Actual quantity will be less than the equilibrium quantity

a surplus

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Externalities

can be neither negative or positive.

❌

can be either negative or positive.

✅

can only be negative.

❌

can only be positive.

❌

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When the price of an inferior good decreases

the income effect prompts the consumer to purchase less of the good, but the substitution effect prompts the consumer to purchase more.

the income and substitution effects both prompt the consumer to purchase less of the good.

the income and substitution effects both prompt the consumer to purchase more of the good.

the income effect prompts the consumer to purchase more of the good, but the substitution effect prompts the consumer to purchase less.

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Short answer

You must answer THREE of the questions listed below. Please type your answers to all three questions into the single box below, and label your choices ( a / b / c / d ). There is a maximum of 30 lines for all three answers combined.

a) How are the three basic economic questions addressed in a free market system?

b) Differentiate between technological efficiency and allocative efficiency.

c) Differentiate between normal goods and inferior goods.

d) When goods are imported, what happens to the consumer and producer surplus in the importing country?

e) Explain the outcome if the actual market price is not the equilibrium price.

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The ABC Firm is losing money and will not be able to pay its bills of $500,000. The owner(s) of the firm are not personally responsible to pay the $500,000 from their own assets if the ABC firm is

all of the above

❌

a sole proprietorship.

❌

a corporation.

✅

a partnership.

❌

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If a firm is a price taker, then market price

is the same as total cost.

is the same as profit.