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rylie4.4 rylie4.4
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Posts: 491
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6 years ago
The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. There is no external benefit.
 
  What is the marginal benefit to the citizen of Kaffenia who consumes the 100th dozen doughnuts each day? A) 10.00 per dozen
  B) 8.00 per dozen
  C) 6.00 per dozen
  D) 4.00 per dozen



Ques. 2

If supply is perfectly elastic, a sales tax imposed on sellers is paid by
 
  A) only the buyers.
  B) only the sellers.
  C) both the buyers and sellers.
  D) None of the above answers is correct.



Ques. 3

Joe consumes pizza and movies. He is currently spending his entire income and his marginal utility of pizza is 15 and his marginal utility of movies is 10.
 
  If the price of a pizza is 10 and the price of a movie is 5, then to maximize his utility Joe should A) increase consumption of pizza and decrease consumption of movies.
  B) increase consumption of movies and decrease consumption of pizza.
  C) not change his current bundle of movies and pizza.
  D) increase consumption of both goods.



Ques. 4

The cost of producing an additional unit of a good or service that is borne by the producer of that good or service is the
 
  A) marginal external cost.
  B) marginal private cost.
  C) marginal social cost.
  D) None of the above answers is correct.



Ques. 5

The income elasticity of demand is ________ for a normal good and ________ for an inferior good.
 
  A) positive; positive
  B) positive; negative
  C) negative; positive
  D) negative; negative



Ques. 6

Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. The firm's shutdown point is
 
  A) 12.
  B) 17.
  C) 8.
  D) 2.



Ques. 7

Nonexcludability is a feature of
 
  A) goods but not services.
  B) all nonrival goods.
  C) goods with an external cost.
  D) public goods.



Ques. 8

Brand name drugs are chemically identical to their generic counterparts. Yet, consumers often prefer the brand name product to the generic product. Making consumers think that a brand name drug differs from its generic counterpart is an example of
 
  A) product differentiation.
  B) perfect competition.
  C) oligopolistic behavior.
  D) price taking behavior.
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Replies
wrote...
6 years ago
(Answer to Q. 1)  A

(Answer to Q. 2)  A

(Answer to Q. 3)  B

(Answer to Q. 4)  B

(Answer to Q. 5)  B

(Answer to Q. 6)  C

(Answer to Q. 7)  D

(Answer to Q. 8)  A
rylie4.4 Author
wrote...
6 years ago
Thanks a whole bunch
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