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microeconomics

Questions and Answers of Microeconomics

Why doesn’t a manager have the same incentive to hold down costs as an owner does?
In what way does the threat of a corporate takeover place competitive pressures on a firm?
Explain, using supply and demand curves, why most agricultural markets are not perfectly competitive.
Why is it almost impossible for a perfect monopoly to exist?
What is the problem with regulations that set prices relative to costs?
What decision rule does a firm use when deciding whether to create or maintain a monopoly?
True or false? Industry standards tend to reduce competition in a market with network externalities.
Why are social and political forces more active in the labor market than in most other markets?
Economist Edward Prescott observed that while Americans worked 5 percent fewer hours per week than the French in the 1970s, they worked 50 percent more hours per week in the early 2000s. He found
How is opportunity cost related to the supply of labor?
Using the economic decision rule and opportunity cost, explain why an increase in the wage rate increases quantity of labor supplied?
Is an increase in the marginal income tax rate reflected by a shift in the after-tax supply of labor or a movement along the supply curve when the pretax wage rate is on the vertical axis? Explain
Using the concept of opportunity cost, explain why welfare programs might increase the number of poor.
If the wage goes up 20 percent and the quantity of labor supplied increases by 5 percent, what’s the elasticity of labor supply?
List four factors that contribute to the elasticity of labor demand.
List four shift factors of demand and their effect on demand.
The president of the United States receives an annual salary of $400,000, while some top baseball players earn more than $30 million annually.a. Based on marginal productivity theory, what does this
Economists Mark Blaug and Ruth Towse studied the market for economists in Britain and found that the quantity demanded was about 150 to 200 a year, and that the quantity supplied was about 300 a
Demonstrate graphically the effect of a minimum wage law. Does economic theory tell us such a law would be a bad idea?
As telecommunications improve, performers can reach larger and larger audiences. In the past, one could only perform in a concert hall; today one can perform for the entire world. How might that
New websites such as iFreelance.com have developed a place for companies to post projects for which freelancers can bid. What is the likely effect of this new market on market demand for freelancers?
The town of Oberlin, Ohio, has one hospital. How would you classify this market structure, and what effect will this market structure likely have on wages of nurses in Oberlin compared to a perfectly
“Eight cents of every dollar spent at retail stores in America is spent at Walmart. With such market power, Walmart is able to name the price at which it is willing to buy goods from
Show graphically how a minimum wage can simultaneously increase employment and raise the wage rate.
Explain each of the following phenomena using the invisible hand or social or political forces:a. Firms often pay higher than market wages.b. Wages don’t fluctuate much as unemployment rises.c. Pay
The International Labor Organization estimates that 250 million children in developing countries between the ages of 5 and 14 are working either full- or part-time. The estimate of the percentage of
a. List three types of demand discrimination.b. Which is the most difficult to eliminate? Why?c. Which is the easiest to eliminate? Why?
Which type of discrimination is easier to address legally—demand side or institutional? Explain your answer.
A recent study reported that the average male CEO of Fortune 500 firms is 6 feet, about 2.5 inches more than the average male. Why might this be difficult to eliminate through laws that restrict
According to a study by economists Muriel Niederle and Lise Vesterlund, women are less willing to participate in competitive environments.a. What is the potential impact on the number of women in
Comparable worth laws require employers to pay the same wage scale to workers who do comparable work or have comparable training. What likely effect would these laws have on the labor market?
A teen subminimum training wage law allows employers to pay teenagers less than the minimum wage.a. What effect would you predict this law has, based on standard economic theory?b. In analyzing the
In 1993 Congress passed the Family and Medical Leave Act (FMLA), which requires firms with more than 50 employees to grant a 12-week unpaid leave of absence for family and medical reasons. What is
How might the minimum wage lead to greater racial and gender discrimination in the labor market? (Austrian)
In his book Forbidden Grounds, University of Chicago Professor Richard Epstein argues that federal employment antidiscrimination laws ought to be abolished. [Reading Westmont College economist Edd
Gloria Steinem pointed out the following: “I’ve yet to be on any campus where women weren’t worried about some aspect of combining marriage, children, and a career. I’ve yet to find one where
Table 17-1 provides data about starting salaries for selected professional degrees; in it you can see that PhD economists are paid less than MBAs. If economists are rational, why are they economists?
Radical economists argue that labor markets are governed by nonmarket forces such as discrimination as well as by the supply and demand for labor. As they see it, poverty and inequality are not
In firms, the manager is assumed to hold down workers’wages in order to maximize his profits. Who holds down the pay of managers? (Institutionalist)
“Welfare laws are bad, not for society, but for the people they are meant to help.” Discuss.
Which would you choose: selling illegal drugs at $75 an hour (20 percent chance per year of being arrested) or a$10-an-hour factory job? Why?
Some economists have argued against need-based scholarships because they work as an implicit tax on parents’salaries and hence discourage saving for college.a. If the marginal tax rate parents face
According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work for the day by setting an income goal for themselves. Once they
In 1997, a Dutch charity sponsored an incentive program in which teachers received prizes equal to about 30 percent of their salary if their students improved their scores on a standardized test.a.
Why might it be inappropriate to discuss the effect of immigration policy using supply and demand analysis?
Why is unemployment nearly twice as high among black Americans as among white Americans? What should be done about the situation?
Give four reasons why women earn less than men. Which reasons do you believe are most responsible for the wage gap?
Interview three married female and three married male professors at your college, asking them what percentage of work in the professor’s household each adult household member does.a. Assuming your
In an article in the Journal of Human Resources titled“The Economic Reality of the Beauty Myth,” economists Susan Averett and Sanders Korenman found that family income of obese women is about 17
More than half of agricultural workers in the United States are undocumented immigrants. Some Americans support strong enforcement of immigration laws that limit the number of workers from Central
Under the usual conditions of supply, what would you expect would happen to the amount of time you study if the wage of your part-time job rises?
Why do income taxes reduce your incentive to work?
What is the irony of any needbased program?
Name at least two factors that influence the elasticity of a firm’s derived demand for labor.
What would happen to a firm’s demand for labor if its product became more popular?
Name two factors besides relative wages that determine the demand for labor in one country compared to another.
How could an increase in the supply of labor lead to an increase in the demand for labor?
Why might efficiency wages make sense in the long run?
True or false? Economic theory argues that discrimination should be eliminated. Why?
Why is discrimination based on characteristics that affect job performance difficult to eliminate?
Classify the following topics as primarily macroeconomic or microeconomic:1. The impact of a tax increase on aggregate output.2. The relationship between two competing firms’ pricing behavior.3. A
Are there any activities in a family that you believe should be allocated by a market? What characteristics do those activities have?
What is the difference between socialism in theory and socialism in practice?
Into what three sectors are market economies generally broken up?
If the cost of textbooks were included in tuition, what would likely happen to their prices? Why?
True or false? In the United States, the invisible hand ensures that only socially valuable businesses are started. Why?
Are most businesses in the United States corporations? If not, what are most businesses?
What are the two largest expenditure categories for the federal government?
If there is an externality, does that mean that the government should intervene in the market to adjust for that externality?
If the United States chooses not to follow a World Court decision, what are the consequences?
A newspaper recently lowered its price from $5.00 to$3.00. As it did, the number of newspapers sold increased from 240,000 to 280,000.a. What was the newspaper’s elasticity of demand?b. Given that
University of Richmond Professor Erik Craft analyzed the states’ pricing of vanity plates. He found that in California, where vanity plates cost an average of $28.75, the elasticity of demand was
How is elasticity related to the revenue from a sales tax?
Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets rises to$9.50 and attendance rises to 1.4 billion.a. What happened to total revenue?b. If you were to
Which of the following producers would you expect to support a tax on beer? Which would not? Explain your answer. a. Producers of hard liquor. Cross-price elasticity with beer: −0.11.b. Producers
For each of the following goods, state whether it is a normal good, a luxury, a necessity, or an inferior good.Explain your answers.a. Vodka.d. Perfume.b. Table salt.e. Beer.c. Furniture.f. Sugar.
For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero.Explain your answers.a. Lettuce, carrots.b. Housing, furniture.c. Nike
When determining the effect of a shift factor on price and quantity, in which of the following markets could you likely assume that other things will remain constant?1. Market for eggs.2. Labor
Why is the fallacy of composition relevant for macroeconomic issues?
In the late 1990s, the television networks were given$70 billion worth of space on public airways for broadcasting high-definition television rather than auctioning it off.a. Why do airways have
True or false? If supply rises, price will rise.
Say a hormone has been discovered that increases cows’ milk production by 20 percent. Demonstrate graphically what effect this discovery would have on the price and quantity of milk sold in a
In some states and localities “scalping” is against the law, although enforcement of these laws is spotty.a. Using supply/demand analysis and words, demonstrate what a weakly enforced
If both demand and supply shift in to the left, what happens to price and quantity?
What is the effect of the price ceiling, Pc, shown in the graph below on price and quantity? Price Pc Supply Quantity Demand
In 1938 Congress created a Board of Cosmetology in Washington, D.C., to license beauticians. To obtain a license, people had to attend a cosmetology school. In 1992 this law was used by the board to
If price and quantity both fell, what would you say was the most likely cause?
Suppose oil production in Libya is interrupted by political unrest. At the same time, the demand for oil by China continues to rise. (LO5-1)a. Demonstrate the impact on the quantity of oil bought and
What is the effect of the price ceiling, Pc, shown in the graph below on price and quantity? Price Pc Quantity Supply Demand
Airlines and hotels have many frequent-flyer and frequent-visitor programs in which individuals who fly the airline or stay at the hotel receive bonuses that are the equivalent to discounts.a. Give
What is the effect of the price floor, Pf, shown in the graph below, on price and quantity? Price P Supply Quantity Demand
In 2014, a drought in the Midwest raised grain prices, leading to a decline in the size of cattle herds. Ultimately, the price of ground beef rose from about $3 a pound to over $4 by 2015.
Your study partner, Umar, has just stated that a tax on demanders of$2 per unit will raise the equilibrium price consumers pay from $4 to $6.How do you respond?
What is the effect of the quantity restrictions, QR, shown in the graph below, on equilibrium price and quantity? Price QR Quantity D S
Supply/demand analysis states that equilibrium occurs where quantity supplied equals quantity demanded, but in U.S. agricultural markets quantity supplied almost always exceeds quantity demanded. How
Nobel Prize–winning economist Bill Vickrey suggested that automobile insurance should be paid as a tax on gas, rather than as a fixed fee per year per car. How would that change likely affect the
The United States imposes substantial taxes on cigarettes but not on loose tobacco. When the tax went into effect, what effect did it likely have for cigarette rolling machines?
The text tells us that there are long-run elasticities and short-run elasticities.a. How long is the long run and how long is the short run?b. What meaning do the elasticity measures have if you
In the box “Geometric Tricks for Estimating Price Elasticity,”there are three statements about the elasticities of straight-line supply curves. One of those statements is that supply curves
Determine the price elasticity of demand if, in response to an increase in price of 10 percent, quantity demanded decreases by 20 percent. Is demand elastic or inelastic?

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