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guccigangcuggu guccigangcuggu
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Posts: 548
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6 years ago
A good has a perfectly inelastic supply and a downward sloping demand curve. Imposing a sales tax of 1 per unit on the sellers of the good
 
  A) raises the price paid by demanders by more than 1.00.
  B) raises the price paid by demanders by 1.00.
  C) raises the price paid by demanders by less than 1.00.
  D) does not change the price paid by demanders.



Ques. 2

The figure above shows Ronald's budget line. He has a weekly income of 20, which he spends on hotdogs and hamburgers. Now Ronald's income decreases to 10 per week and the price of a hotdog doubles.
 
  Ronald's budget line becomes ________ and ________. A) flatter; shifts rightward
  B) flatter; does not shift
  C) steeper; shifts rightward
  D) steeper; shifts leftward



Ques. 3

The figure above shows a monopoly firm's demand curve. The monopoly's total revenue is zero at point
 
  A) x.
  B) r.
  C) t.
  D) u.



Ques. 4

The figure above shows the market for coffee. If one firm owns all the coffee outlets and sells 10 million pounds of coffee a month
 
  A) the market is efficient because the marginal social benefit from coffee exceeds its marginal social cost.
  B) the market is efficient because the total social benefit from coffee exceed the total social cost.
  C) there is a deadweight loss because the marginal social benefit from the last pound of coffee exceeds its marginal social cost.
  D) there is a deadweight loss because the marginal social cost of the last pound of coffee exceeds its marginal social benefit.



Ques. 5

During the last decade, the price of shoes rose substantially yet people bought more pairs of new shoes each year. This experience suggests that the
 
  A) supply curve of shoes shifted leftward.
  B) demand curve for shoes shifted leftward.
  C) supply curve of shoes shifted rightward.
  D) demand curve for shoes shifted rightward.



Ques. 6

Which of the following CORRECTLY describes the above figure?
 
  A) There is no relationship between x and y.
  B) There is a positive relationship between x and y.
  C) There is a negative relationship between x and y.
  D) None of the above answers are correct.



Ques. 7

The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise. After each player chooses his or her best strategy and sees the result
 
  A) only Bob would like to change his decision.
  B) neither player would be willing to change his or her decision unless the other player also changes his or her decision.
  C) if Jane does not change her decision, Bob would like to change his.
  D) if Bob does not change his decision, Jane would like to change hers.



Ques. 8

Firms in monopolistic competition can achieve product differentiation by
 
  A) expanding plant size.
  B) exploiting economies of scale in production.
  C) advertising special characteristics.
  D) setting the price equal to average revenue.
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AmanBhutaniAmanBhutani
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Posts: 326
6 years ago
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6 years ago
Good timing, thanks!
yen
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Yesterday
Brilliant
wrote...

2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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