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foundations of economics

Questions and Answers of Foundations Of Economics

5. A monopolist’s product has no __________ . ( LO2 )
4. In the long run the perfect competitor’s price is equal to the __________ on the fi rm’s ATC curve. Therefore, the fi rm is operating at __________ effi ciency. ( LO1 )
3. Under any type of competition, if fi rms are losing money in the long run, __________ . If fi rms are making a profi t in the long run, __________ . ( LO1 , 2 , 3 , 4 )
2. A product is identical in the __________ . ( LO1 , 3 )
1. How many fi rms is many? So many that __________ . ( LO4 )
28. A fi rm producing a differentiated product must be either a(n) or a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect
27. A fi rm that makes a profi t in the long run must be either a(n) or a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a)
26. A fi rm that operates at peak effi ciency in the long run must be a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect
25. Major league baseball is a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
24. Most college bookstores are .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
23. An industry with 100,000 fi rms is either a(n)or a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect
22. A fi rm that faces a downward sloping demand curve is not a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect
21. An industry with seven fi rms is a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
20. A camera store in downtown Chicago is a(n).Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
14. If there are many fi rms in the industry, we are talking about either or .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a)
13. A company making a profi t in the long run would be a(n) or a(n) .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect
12. Imperfect competition includes ,, and .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
11. Most fi rms in the United States are .Write in the letter that corresponds to the best answer for, using choice a), b), c), or d). ( LO1 , 2 , 3 , 4 )a) perfect competitor/competitionb)
10. Administered prices are set by for without responding to ______________ . ( LO4, 6 )
9. One of the outcomes of the kinked demand curve is ______________ prices. ( LO3, 6 )
5. The most important cartel in the world today is ______________ . ( LO2 )
4. The total ______________ of industry sales by the four leading fi rms is the industry concentration ratio. ( LO1 )
2. The motor vehicle industry has a concentration ratio of almost percent. ( LO1 )a) 5d) 65b) 25e) 85c) 45
1. Which statement is true? ( LO1 )a) All oligopolies have only a few fi rms.b) Most oligopolies have only a few fi rms.c) Some oligopolies have only a few fi rms.
8. Practical Application: Your school has eight megadorms, each housing 2,000 students.Four different student-owned and -operated pizza delivery services operate on campus. Each delivers to all eight
7. Practical Application: Suppose an organization of college professors decided to bring down textbook prices. What measures could be taken to persuade publishers to lower their prices?
6. Should covert collusion be illegal?
5. What are administered prices, and how are they set?
4. Explain the cutthroat competitor’s reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
3. What are the two measures of the degree of oligopolization? Work out a numerical problem using each of them.
2. Where is American industry on the competitive spectrum? Instead of answering this question, you may criticize it.
1. The American automobile industry is an archetypical oligopoly. Show why this statement is true.
4. Defi ne and analyze oligopoly.
3. Defi ne and analyze monopolistic competition.
1. Defi ne and analyze perfect competition.
3. Draw a graph of a monopolistic competitor in the long run on a piece of graph paper. (LO1) Figure 2 Price (S) 12 11 10 9 8 7 6 MC ATC * MR D 5 2 4 6 8 10 12 14 Output
2. Is the fi rm in Figure 2 operating in the short run or the long run? How do you know? (LO1)
1. Given the information in Figure 2 , how much profi t does this monopolistic competitor make? (LO1)
5. The monopolistic competitor _________________ produces at the minimum point of his or her ATC curve. (LO5)
4. Price discrimination occurs when a seller charges _________________for the same good or service. (LO4)
3. The monopolistic competitor’s demand curve slopes_________________. (LO1)
2. A monopolistic competitor makes a profi t only in the_________________. (LO1)
1. The most crucial feature of monopolistic competitionis _________________. (LO3)
16. Under perfect price discrimination . (LO4)a) consumer surplus is zerob) consumer surplus is maximizedc) consumer surplus is a constant no matter what price is chargedd) consumer surplus rises as
15. Price discrimination . (LO4)a) often works to the advantage of the poorb) generally helps rich customersc) is very hard to fi nd in the United Statesd) is illegal in the United States
13. Perfect price discrimination eliminates of the customer’s consumer surplus. (LO4)a) allb) mostc) somed) none
12. Which statement is true? ( LO3 )a) Most fi rms in the United States are monopolistic competitors.b) Most fi rms in the United States are perfect competitors.c) Most consumers would prefer lower
11. In the long run in monopolistic competition. (LO1)a) most fi rms make a profi tb) the absence of entry barriers ensures that there are no profi tsc) economies of scale ensure that there are no
7. Which statement is true? (LO3)a) When you decide which doctor to go to, your only concern is the quality of the medical service you will receive.b) People differentiate among goods and services
5. Each of the following would be a form of price discrimination except . (LO4)a) providing low-priced meals to senior citizens who dine before 6 P.M.b) charging higher airfares to business travelers
20. Which statement is true? (LO7)a) The monopolist is just as driven as the competitive fi rm to control costs and use resources effi ciently.b) The monopolist often charges his customers higher
You just got closed out of an economics course you need to graduate and need to persuade the department chair to open another section. She tells you that the school will have to pay a part-time
On Figure 3, label the shut-down and break-even points. (LO5) Cost ($) 130 120 110 100 90 80 70 60 50 40 Figure 3 2 4 6 8 MC 10 12 14 16 18 20 22 Output ATC AVC
What is the lowest price the fi rm would accept in the long run? (LO8) Cost ($) 130 120 110 100 90 80 70 60 50 40 Figure 3 2 4 6 8 MC 10 12 14 16 18 20 22 Output ATC AVC
What is the lowest price the fi rm would accept in the short run? (LO8) Cost ($) 130 120 110 100 90 80 70 60 50 40 Figure 3 2 4 6 8 MC 10 12 14 16 18 20 22 Output ATC AVC
Please label the fi rm’s break-even point and shut-down point in Figure 2. (LO5)
If the price is above $13, what will the fi rm do: (a) in the short run? (b) in the long run? (LO8)
If the price is between $11 and $13, what will the fi rm do: (a) in the short run? (b) in the long run? (LO8)
If the price is below $11, what will the fi rm do:(a) in the short run? (b) in the long run? Price ($) 18 16 14 12 10 10 0 MC ATC AVC 100 200 300 400 500 600 700 800 900 Output
If it cost Amazon.com $10 million to set up a database of potential customers and $100,000 each time it e-mailed them an advertising message, what would be the average total cost of sending out 10
A Toyota plant has fi xed costs of $300 million and variable costs of $540 million. If it produces 60,000 cars, how much is the average total cost of producing one car? (LO4)
a) Fill in the marginal output column of Table 4 .b) Given the information in Table 3, diminishing returns set in with the worker. (LO6)c) Negative returns set in with the worker. (LO6) TABLE 4
a) Fill in the marginal output column of Table 3 . (LO6)b) Diminishing returns set in with the worker. (LO6)c) Negative returns set in with the worker. (LO6) TABLE 3 Number of Workers Total Output
State the minimum point of the AVC curve in dollars and cents. (LO5) TABLE 2 Variable Total Output Cost Cost AVC ATC 1 $ 400 700 23456 900 1,350 2,000 3,000 Marginal Cost
State the minimum point of the ATC curve in dollars and cents. (LO5) TABLE 2 Variable Total Output Cost Cost AVC ATC 1 $ 400 700 23456 900 1,350 2,000 3,000 Marginal Cost
On a piece of graph paper, draw a graph of the ATC, AVC, and MC curves. (LO5) TABLE 2 Variable Total Output Cost Cost AVC ATC 1 $ 400 700 23456 900 1,350 2,000 3,000 Marginal Cost
Given: Fixed cost = $500. Fill in Table 2. (LO1 , 2 ) TABLE 2 Variable Total Output Cost Cost AVC ATC 1 $ 400 700 23456 900 1,350 2,000 3,000 Marginal Cost
If a fi rm’s total revenue is $20 million, its fi xed costs are $12 million, and its variable costs are $22 million, what does it do: (a) in the short run? (b) in the long run? (LO8) TABLE 2
If a fi rm’s total revenue is $5 billion, its fi xed costs are $3 billion, and its variable costs are $1.5 billion, what does it do: (a) in the short run? (b) in the long run? (LO8)
Fill in Table 1 . (LO2 , 1 ) TABLE 1 Fixed Variable Total Marginal Output Cost Cost Cost Cost 012345 $800 $100 150 200 270 360
Which of the following is the most accurate statement? (LO1 , 8 )a) Virtually no one getting married thinks that considering whether or not to have a large wedding is mainly an economic decision.b)
If price is above ATC, the fi rm will. (LO6 , 8 )a) shut down in the short run and go out of business in the long runb) shut down in the short run and stay in business in the long runc) operate in
In general, as output rises you fi rst attain. (LO6)a) increasing returns, then diminishing returns, then negative returnsb) diminishing returns, then negative returns, then increasing returnsc)
Adam Smith noted each of the following economies of scale except . (LO7)a) specializationb) employment of expensive equipmentc) saving of time that would otherwise be spent going from one task to
In Figure 1, if you want to produce an output of 200, in the long run you will choose a plant whose size is represented by . (LO7)a) ATC 1b) ATC 2c) ATC 3d) ATC 4e) ATC 5
In Figure 1 , if you want to produce an output of 100, in the long run you will choose a plant whose size is represented by . (LO8)a) ATC 1b) ATC 2c) ATC 3d) ATC 4e) ATC 5 Cost ($) ATC ATC ATC 100
Statement 1: AVC can never be higher than ATC.Statement 2: AVC and marginal cost are equal at an output of one . (LO4)a) Statement 1 is true, and statement 2 is false.b) Statement 2 is true, and
The salaries paid to people who are in the middle of three-year guaranteed contracts are. (LO1)a) a fi xed costb) a variable costc) a fi xed cost or a variable costd) neither a fi xed cost nor a
As output increases, eventually . (LO7)a) economies of scale become larger than diseconomies of scaleb) diseconomies of scale become larger than economies of scalec) economies of scale and
A fi rm has a fi xed cost of $100,000, and variable cost is $90,000 at an output of one. How much is marginal cost at an output of one? (LO2)a) $10,000b) $90,000c) $100,000d) $190,000e) There is
Which statement is true? (LO8)a) A fi rm will operate in the short run when total revenue exceeds fi xed costs.b) A fi rm will operate in the short run when total revenue exceeds variable costs.c) A
Which of the following is most likely to be a variable cost? (LO1)a) Real estate taxesb) Rental payments of IBM equipmentc) Interest on bonded indebtednessd) Fuel and power payments
In general a fi rm’s . (LO2)a) total cost rises as output rises up to a certain point and then begins to declineb) marginal cost rises as output rises up to a certain point and then begins to
Al and George’s used car lot has total revenue of $5 million, fi xed costs of $8 million, and variable costs of$4 million. In the short run the fi rm will , and in the long run it will . (LO8)a)
What are the fi xed and variable costs for a car wash? Is it likely to experience economies of scale?
You’re in the desert on an extremely hot day and become quite thirsty. Luckily you come upon a stand where they’re selling bottled water. You would be willing to pay $10 for the fi rst bottle, $5
Suppose that at three units purchased, marginal utility is $8 and total utility is $30. If the marginal utility of the fourth unit purchased is $6, how much is the total utility of four units? ( LO4 )
Suppose Table 1 shows your demand schedule for cans of soda. (a) What is your total utility from three cans of soda? (b) What is your marginal utility from the third can of soda? (c) If price were
Price gouging can take place only when. ( LO6 )a) there is a natural disasterb) buyers are poorly informed about market conditionsc) some buyers are willing to pay the asking price, however highd)
Which statement would be true about a person who goes to an all-you-can-eat restaurant? ( LO2 )a) She will never eat more food than she would at a regular restaurant.b) She will eat until closing
If this year’s Nobel Prize winner in physics gives a free lecture at your school and just eight people attend, you may conclude that . ( LO1 )a) no one derived any utility from his lectureb) none
Which statement is true? ( LO1 )a) The utility of a plasma TV is greater than the utility of a 2001 Honda Accord.b) A $50 ticket to a Broadway show provides the ticket-holder with more utility than a
Colin Kelley maximizes his utility when. ( LO4 )a) the marginal utility of everything he buys is equal to its priceb) the marginal utility of everything he buys is zeroc) he no longer enjoys a
Haley Megan Fosnough-Biersmith goes shopping for shoes and has plenty of money with her. She will keep buying shoes until . ( LO2 )a) her total utility equals the priceb) her marginal utility equals
You are defi nitely enjoying a consumer surplus when you . ( LO6 )a) go on an amusement park ride 10 times in a rowb) go to the same amusement park once a summer for 10 years in a rowc) take 10
Which statement is the most accurate? ( LO3 )a) Your utility schedule for chewing gum can never change, since it is based on your demand schedule for chewing gum.b) Interpersonal utility comparisons
As Keith Collins buys more and more of any good or service, his . ( LO3 )a) total utility and marginal utility both declineb) total utility and marginal utility both risec) total utility rises and
Which statement is true? ( LO1 , 6 )a) Most people have the same utility schedules.b) Most people enjoy a consumer surplus for at least some of the things they buy.c) We will consume additional units
Lauren Elise Ballard would be maximizing her total utility when . ( LO3 )a) she had a consumer surplusb) her marginal utility was zeroc) her marginal utility was equal to her total utilityd) she had
When Kelly Ziegenfuss buys fi ve units of a particular good or service, . ( LO6 )a) she has no consumer surplusb) she has a consumer surplusc) there is no way of knowing whether she has a consumer

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