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business
microeconomics

Questions and Answers of Microeconomics

What shifts the labour demand curve?
How is equilibrium determined in a competitive labour market?
What is the shape of the labour supply curve?
How many workers will an employer hire?
Why is the labour demand curve downward sloping?
Will hiring that extra worker add more to revenue than to costs?
The theory of monopolistic competition is based on three primary characteristics: many sellers, product differentiation, and free entry.
What are the three basic characteristics of monopolistic competition?
What is monopolistic competition?Monopolistic competition describes a market structure where many producers of somewhat different products compete with one another.
Why are repeated games more likely to be more cooperative than one-shot games?
The following payoff matrix shows the possible sentences that two suspects, arrested on suspicion of car theft, could receive. The suspects are interrogated separately and are unable to communicate
Suppose Pepsi is considering an ad campaign aimed at rival Coca-Cola. What is the dominant strategy if the payoff matrix is similar to the one shown in Exhibit 3 in Section 10.7?
Suppose your professor announced that each student in your large lecture class who receives the highest score (no matter how high) on the take-home final exam will get an A in the course. The
One of the world’s most successful cartels has been the De Beers Central Selling Organization (CSO), which controls about three-quarters of the world’s diamonds. This collusive oligopoly has kept
Suppose Farmer Smith from Saskatchewan and Farmer Jones from Alberta agree to restrict their combined output of wheat in an attempt to increase the price and profits. How likely do you think the
How is price related to marginal cost and average total cost for monopolistically competitive firms in the following situations?
Product differentiation is a hallmark of monopolistic competition, and the text lists four sources of such differentiation: physical differences, prestige, location, and service. How do firms in the
Suppose that half of the restaurants in a city are closed so that the remaining eateries can operate at full capacity. What “cost” might restaurant patrons incur as a result?
Which of the following markets is/are perfectly competitive or monopolistically competitive? Why?a. soy marketb. retail clothing storesc. CUT Steakhouse in Halifax
What about repeated games?
Why are most collusive oligopolies short-lived?
What is oligopoly?
Are the differences between monopolistic competition and perfect competition exaggerated?
What are the real costs of monopolistic competition?
10. In trade talks with Australia, the United States proposed that Australia cannot regulate the amount of foreign content on new media without first consulting the United States. Actress Bridie
9. You’ve set up the rules for a game and started the game but now realize that the rules are unfair. Should you change the rules?
8. Discuss the concepts of market failure and government failure in relation to operas.
7. How might individuals disagree about the government’s role in intervening in the market for merit, demerit, and public goods?
6. A market system is often said to be based on consumer sovereignty—the consumer determines what’s to be produced. Yet business decides what’s to be produced. Can these two views be
5. Go to a store in your community.a. Ask what limitations the owners faced in starting their business.b. Were these limitations necessary?c. Should there have been more or fewer limitations?d. Under
4. Tom Rollins heads a company called Teaching Co. He has taped lectures at the top universities, packaged the lectures on DVD and sells them for between $20 and$230 per series.a. Discuss whether
3. One of the specific problems socialist economies had was keeping up with capitalist countries technologically.a. Can you think of any reason inherent in a centrally planned economy that would make
2. Economists Edward Lazear and Robert Michael calculated that the average family spends two and a half times as much on each adult as they do on each child.a. Does this mean that children are
1. What arguments can you give for supporting a socialist organization of a family and a market-based organization of the economy?
5. The text discusses consumer sovereignty and suggests that it guides the market choices.a. Is consumer sovereignty a myth or reality in today’s consumer culture?b. Do consumers “direct” the
4. This chapter emphasized the importance of the relationship between how the economic system is organized and value systems. Knowing that how I raise my child will greatly shape how he or she will
3. In economics, a household is defined as a group of individuals making joint decisions as though acting as one person.a. How do you think decisions are actually made about things like consumption
2. In his The Social Contract, Jean-Jacques Rousseau argued that “no State has ever been founded without a religious basis [but] the law of Christianity at bottom does more harm by weakening than
1. Friedrich Hayek, the man quoted at the start of the chapter, is an Austrian economist who won a Nobel Prize in economics. He argued that government intervention is difficult to contain. Suppose
16. Why are international organizations limited in their effectiveness? (LO3-4)
15. What are two organizations that countries can use to coordinate economic relations and reduce trade barriers? (LO3-4)
14. Name two international organizations that countries have developed to coordinate economic actions. (LO3-4)
13. Give an example of a merit good, a demerit good, a public good, and a good that involves an externality. (LO3-3)
12. Say the government establishes rights to pollute so that without a pollution permit you aren’t allowed to emit pollutants into the air, water, or soil. Firms are allowed to buy and sell these
11. What are the six roles of government listed in the text? (LO3-3)
10. What are the two largest categories of federal government expenditures? (LO3-3)
9. You’re starting a software company in which you plan to sell software to your fellow students. What form of business organization would you choose? Why? (LO3-2)
8. List the three major forms of business. (LO3-2)a. What form is most common?b. What form accounts for the largest proportion of sales?
7. Why is entrepreneurship a central part of any business? (LO3-2)
6. Why does an economy’s strength ultimately reside in its people? (LO3-2)
5. Is capitalism or socialism the better economic system?Why? (LO3-1)
4. How does a centrally planned socialist economy solve the what, how, and for whom to produce problems? (LO3-1)
3. How does a market economy solve the what, how, and for whom to produce problems? (LO3-1)
2. In a centrally planned socialist economy, what is the central coordinating mechanism? (LO3-1)
1. In a market economy, what is the central coordinating mechanism? (LO3-1)
Q-10 If the United States chooses not to follow a World Court decision, what are the consequences?
Q-9 If there is an externality, does that mean that the government should intervene in the market to adjust for that externality?
Q-8 The largest percentage of federal expenditures is in what general category?
Q-7 Are most businesses in the United States corporations? If not, what are most businesses?
Q-6 True or false? In the United States, the invisible hand ensures that only socially valuable businesses are started. Why?
Q-5 Into what three sectors are market economies generally broken up?
Q-4 What is the difference between socialism in theory and socialism in practice?
Q-3 Are there any activities in a family that you believe should be allocated by a market? What characteristics do those activities have?
Q-2 Which would be more likely to attempt to foster individualism:socialism or capitalism?
Q-1 John, your study partner, is telling you that the best way to allocate property rights is through the market. How do you respond?
LO3-4 Explain why global policy issues differ from national policy issues.
LO3-3 List and discuss the various roles of government.
LO3-2 Describe the role of businesses and households in a market economy.
LO3-1 Define market economy and compare and contrast socialism with capitalism.
8. State what type of graph or chart you might use to show the following real-world data:a. Interest rates from 1929 to 2013.b. Median income levels of various ethnic groups in the United States.c.
7. Using the equation y 3 x 1,000, demonstrate the following:a. The slope of the curve changes to 5.b. The curve shifts up by 500.
6. Draw the graphs that correspond to the following equations:a. y 3 x 8b. y 12 xc. y 4 x 2
5. Given the following nonlinear curve, answer the following questions:a. At what point(s) is the slope negative?b. At what point(s) is the slope positive?c. At what point(s) is the slope zero?d.
4. Calculate the slope of lines a through e in the following coordinate system. 9 8 d 7 6 5 4 3 2 10 a C b e 1 2 3 4 5 6 789
3. Within a coordinate space, draw a line witha. Zero slope.b. Infinite slope.c. Positive slope.d. Negative slope.
2. Graph the following costs per unit, and answer the questions that follow.a. Is the relationship between cost per unit and output linear or nonlinear? Why?b. In what range in output is the
1. Create a coordinate space on graph paper and label the following points:a. (0, 5)b. ( 5, 5)c. (2, 3)d. ( 1, 1)
6. Say that the hourly cost to employers per German industrial worker was $44. The hourly cost to employers per U.S. industrial worker was $34, while the average cost per Taiwanese industrial worker
5. Groucho Marx is reported to have said “The secret of success is honesty and fair dealing. If you can fake those, you’ve got it made.” What would likely happen to society’s production
4. Lawns produce no crops but occupy more land (25 million acres) in the United States than any single crop, such as corn. This means that the United States is operating inefficiently and hence is at
3. Research shows that after-school jobs are highly correlated with decreases in grade point averages.Those who work 1 to 10 hours get a 3.0 GPA and those who work 21 hours or more have a 2.7 GPA.
2. If income distribution is tied to a particular production technique, how might that change one’s view of alternative production techniques?
1. When all people use economic reasoning, inefficiency is impossible because if the benefit of reducing that inefficiency were greater than the cost, the inefficiency would be eliminated. Thus, if
5. Writing in 1776, Adam Smith was concerned not only with the profound effects of the division of labor on productivity(as your textbook notes) but also its stultifying effect on the human capacity.
4. Thorstein Veblen wrote that vested interests are those seeking “something for nothing.” In this chapter, you learned how technology shapes the economy’s production possibilities over time so
3. It has been said that “capitalism robs us of our sexuality and sells it back to us.”a. Does sex sell?b. Is sex used to sell goods from Land Rovers to tissue paper?c. Who, if anyone, is
2. The text makes it look as if maximizing output is the goal of society.a. Is maximizing output the goal of society?b. If the country is a Christian country, should it be?c. If not, what should it
1. Why might government be less capable than the market to do good? (Austrian)
12. State the law of one price. How is it related to the movement of production out of the United States? ( LO2-4)
11. If workers in China and India become as productive as U.S. workers, what adjustments will allow the United States to regain its competitiveness? ( LO2-4)
10. What effect has globalization had on the ability of firms to specialize? How has this affected the competitive process? ( LO2-4)
9. Suppose the United States and Japan have the following production possibility tables: ( LO2-3)a. Draw each country’s production possibility curve.b. In what good does the United States have a
8. Does the fact that the production possibilities model tells us that trade is good mean that in the real world free trade is necessarily the best policy? Explain. (LO2-3)
7. If neither of two countries has a comparative advantage in either of two goods, what are the gains from trade? (LO2-3)
6. A country has the following production possibility table: (LO2- 2 )a. Draw the country’s production possibility curve.b. What’s happening to the trade-off between food and clothing?c. Say the
5. How does the theory of comparative advantage relate to production possibility curves? (LO2- 2 )
4. In two hours JustBorn Candies can produce 30,000 Peeps or 90,000 Mike and Ikes or any combination in between. (LO2- 2 )a. What is the trade-off between Peeps and Mike and Ikes?b. Draw a production
3. Design a grade production possibility table and curve that demonstrates a rising trade-off as the grade in each subject rises. (LO2- 1 )
2. Show how a production possibility curve would shift if a society became more productive in the output of both widgets and wadgets. (LO2- 1 )
1. Show how a production possibility curve would shift if a society became more productive in its output of widgets but less productive in its output of wadgets. (LO2- 1 )

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