Microeconomics
Question #2 Consumer Demand. How to answer questions from a-g iii. I belive the MRS is 2y/x for B. But not sure
When a monopolist raises price, it: (w) always increases its revenue. (x) always reduces its revenues. (y) doesn't influence its revenue. (z) may increase, decrease, or not change total revenue. I need a good answe
Pure competition and monopolistic competition are: (1) polar opposites on the continuum of market structures. (2) the two market structures in that firms are pure quantity adjusters. (3) both characterized by an absence of barriers to long run entry a
Sustained rates of economic development which exceeded population growth rates would: (w) raise the incomes of the poor without reducing anybody else’s income. (x) raise the incomes of everyone in society. (y) boost the incomes of the poor only
The phrase "market failure" refers to: (w) the failure of market economies to deal with social problems. (x) the Stock Market Crash of 1929. (y) cases where supplies and demands within private markets yield inefficiency, excessive or inequity instabil
Car prices and sales such that the costs per mile of auto passenger travel, and whole passenger miles driven have all rose from the 1940 year, demonstrating that: (w) auto travel is an inferior good. (x) the demand for auto travel is positively sloped. (y) the law of
The substitution effect signifies to the change in consumption pattern as: (1) The absolute price of the good modifications. (2) Income changes. (3) The relative price of good changes. (4) The quality of good changes. Can someone p
firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is this statement correct or incorrect? Explain.
Explain different thought of economists for law of equivalent marginal advantage.
Opinion of Frank Knight, about economic profits is: (1) rewards for bearing uncertainty. (2) easily capitalized for firms possessing monopoly power. (3) rewards for innovation. (4) easily predicted when competent economic forecasting is employed. (5) equal to accounti
In equilibrium for the price maker firm, the rate of monopolistic exploitation is the difference between: (p) P and MR. (q) P and MC. (iii) Total revenue and net cost per unit of output. (r) Output price and rate of monopsonistic exploitation. (s) VMP and MRP.
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