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Alfred University ECON 312N Week 4 Midterm Exam(Download To Score An A)
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there is never enough of anything. production has to be centrally planned. things which are plentiful have relatively high prices. individuals and communities have to make choices from among alternatives.
the book will give him utility. his income is high. the marginal cost of the book is greater than its marginal benefit. the marginal benefit of the book is greater than its marginal cost.
shifting resources from investment good production to consumer good production. shifting resources from private goods to public goods. improving labor productivity. eliminating discrimination.
Benefits given up Unintended gain Employment benefits Extra benefit
Money
Land Labor Capital
the command system. the socialist economy. the market system. the system of inputs and outputs.
government is responsible for protecting consumer interests. consumers determine what goods and services are produced. businesses decide what the consumer will buy. all goods and services are produced by consumers.
very limited government role in the economy. active government intervention in the economy. individuals and firms abiding by a government economic plan. a very fair distribution of income and wealth.
How will the goods and services be produced? Why should the goods and services be produced? Who is to receive the goods and services produced in the economy? In what ways will progress be promoted?
A decrease in the taxes paid by producers of A An increase in the price of A
make buyers want to buy less of Product Y. not affect the sales of Product Y. shift the demand curve for Product Y to the left. shift the demand curve for Product Y to the right.
elastic. inelastic. cross-elastic. unitary elastic.
theaters' revenues did not change. This suggests that the demand for movie tickets in that town has a
greater than 1. 0.5. zero.
informed that the price elasticity of demand for your most popular software is less than 1. To increase
increase the price of the software. decrease the price of the software. hold the price of the software constant.
increase the supply of the software.
tax revenue. This tax would only be effective in raising new tax revenues if the price elasticity of
unity. elastic. inelastic. perfectly elastic.
inelastic supply of movies in the evening. elastic demand to see movies in the evening. elastic demand to see movies in the afternoon. inelastic demand to see movies in the afternoon.
could hire a tax specialist to prepare it for you in two hours. You value your time at $11 an hour. The tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return
total revenues minus fixed costs. total revenues minus the costs of raw materials. total revenues minus the opportunity costs of all inputs. gross profit minus selling and operating expenses.
Pure competition Pure monopoly Oligopoly
Monopolistic competition Pure competition Pure monopoly Oligopoly
Monopolistic competition Pure competition Pure monopoly Oligopoly
has unitary elasticity. yields constant total revenues even when price changes. is identical to the market demand curve. is the same as its marginal revenue curve.
revenue-and-cost structure: Total Revenue $3,000 Per Week Total Variable Cost $2,000 Per Week Total Fixed Costs $2,000 Per Week
Harry's should stay open in the long run. Harry's should shut down in the short run. Harry's should stay open in the short run. Harry's should shut down in the short run but reopen in the long run.
the firm will show a profit. the owner enjoys helping her customers. it can cover its variable costs and some of its fixed costs. the firm cannot produce any other products more profitably.
equal to the price. less than the price. greater than the price. equal to the average cost.
Xerox. De Beers. General Motors. General Electric.
Patents Revenue maximization Profit maximization
low barriers to entry. standardized products. diminishing marginal returns. mutual interdependence.
each of the top four firms has 20 percent of industry sales. the four largest firms account for a combined 80 percent of the industry sales. the four largest firms account for 20 percent of industry sales. each of the four largest firms accounts for five percent of industry sales.
Monopolistic competition and pure competition Monopolistic competition and pure monopoly Oligopoly and monopolistic competition Oligopoly and pure monopoly
land, labor, capital, and money. land, labor, capital, and entrepreneurial ability. labor, capital, technology, and entrepreneurial ability. labor, capital, entrepreneurial ability, and money.
the money market. the resource market. the product market. international trade.
move from Point x to Point y. shift from D1 to D2. shift from D2 to D1. move from Point y to Point x.
Mudhens' management charges $7 per ticket
some fans who want to see the game will find that tickets are not available. there will be 2,000 empty seats. there will be 1,000 empty seats.
patent protection. X-inefficiency. price discrimination. rent-seeking.
charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing
music players in a competitive market? Explain your reasoning in each case.