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"meta_title": "[Solved] Hi, Can someone please help with these qu | SolutionInn",
"meta_description": "Answer of - Hi, Can someone please help with these questions? I'm so confused. Please label the number of the question next to the | SolutionInn",
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"question_title_h1": "Hi, Can someone please help with these questions? I'm so confused. Please label the number of the question next to the answer and I need",
"question_title": "Hi, Can someone please help with these questions? I'm so confused. Please",
"question_title_for_js_snippet": "Hi, Can someone please help with these questions I'm so confused Please label the number of the question next to the answer and I need the answers to these questions in less than an hour please help Thank you Question 1 Not yet saved Marked out of 1 00 F Flag question Which of the following statements about firms and markets is incorrect Select one 0 a Friendship with co workers is a firm specific asset O b Owners and workers in a firm share interests as they both want the firm's success 0 c The asymmetric information problem prevailing in firms arises as managers do not share confidential information with workers 0 d Contracts for products sold in markets transfer permanently the ownership of a good from the seller to the buyer 0 e In general, a firm has more workers than managers Question 2 Not yet saved Marked out of 1 00 '7 Flag question Choose all correct statements A Demand curve represents the willingness to pay of buyers B Supply curve represents the willingness to pay of sellers C In a market of identical products where there are many sellers and many buyers, sellers have more bargaining power than buyers D In a market of identical products where there are many sellers and many buyers, both sellers and buyers are pricetakers Select one 0 a A,D O b A,B,C O c A,C 0 d A,B,C,D Oe A,B,D 3 The diagram illustrates the demand curve, isoprofit curves and the ved marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors t of Assume that MQ Motors currently chooses to operate at Point E Which statement correctly describes the market of MQ2020 10,000 A Marginal cost E Isoprofit curve P $5,440 $150,000 Price, marginal cost ($) Isoprofit curve Po D $63,360 C B Demand curve 0 10 20 Q 32 Qo 120 Quantity of cars, Q Select one O a All possible gains from trade are being achieved as MQ Motors operates at its profit maximising output and price O b The amount of consumer surplus is the area ADPo O c Producer surplus is $63,360 as it equals MQ Motors' profits O d The amount of MQ Motors' producer surplus is the area BCEP O e The amount of total surplus is the area ABD Question 4 Not yet saved Marked out of 1 00 l Flag question Total cost of production C(Q) AC 2 200 350 000 Quantity of cars, Q The diagram above represents the total production cost of a car manufacturer Which of the following statements correctly describes the cost of production Select one Oa Ob 0c 0d Oe The marginal cost when producing 40 cars is between $2,200 and $4,600 The average cost increases and then decreases as total output increases Production of cars requires $80,000 as fixed costs The average cost when producing 20 cars is $2,200 The marginal cost decreases as total output increases Question 5 Not yet saved Marked out of 1 00 l7 Flag question Which of the following statements about price elasticity of demand is correct Select one C) a Elastic demand implies that there are many close substitutes O b Elastic demand implies a firm's high market power 0 c Price elasticity of demand is measured by the absolute change in quantity demanded divided by the absolute change in price 0 d Price elasticity of demand is equal to the slope of the demand curve 0 e The higher the price elasticity of demand, the steeper the demand CU rve Question 6 Not yet saved Marked out of 1 00 V Flag question The diagram above illustrates Maria's employment rent for a given amount of effort and a $15 wage in an economy with an unemployment benefit of $6 of unlimited duration Once unemployed Maria expects to find a new job with the same wage in 44 weeks Which statement correctly describes Maria's situation what Maria gets should she not lose her job today $) what Maria gets should she lose her job today Hourly wage s15 Marie's rent Employment rent 3 Unemployment when employed per hour a benefit plus the E disutility of alien $9 3 Disutility of effort 3 when employed 1 Unemployment benefit 55 O I What Merie receives Reservation wage in unemployment per hour benet during her period of unemployment 0 Expected duration of unemployment Number of 35 hour weeks 2 44 weeks (1,549 hours) Select one 0 a Maria can receive $9 per hour from her reservation option once unemployed O b Maria's disutility from not having a job is $3 per hour 0 c Maria's employment rent per week is $210 0 d Maria is better off by $9 per hour when she is employed than when unemployed 0 e Maria does not care if she loses her current job because she would receive unemployment benefit ' 7 Quesmon ConSIder an ultimatum game where the Proposer offers a proportion of $100 to the Responder, Not yet saved who can either accept or reject the offer If the Responder accepts, both the Proposer and the Marked OUT 0f Responder keep the agreed share, while if the Responder rejects, then both receive nothing The 1'00 figure below shows the results of a study that compares the responses of US university students V 39 and Kenyan farmers question 100 I Farmers (Kenya) I Students, Emory University (US) U l O U Fraction of Responders who would accept the offer (96) N U1 O 10 20 30 40 50 Fraction of the pie offered by the Proposer to the Responder ('56) Based on the information from the figure, we can infer that Select one Q a Kenyan farmers do not care about money at all 0 b' Kenyan farmers place higher importance on fairness than US students 0 c Both groups of Responders are indifferent between accepting and rejecting an offer of receiving nothing 0 d Just over 50 of Kenyan farmers rejected the offer of the Proposer keeping 30 Question 8 The diagram shows a price taking bakery's marginal and average cost curves, and its isoprofit Not yet saved curves The current market price for bread is P 2 50 Which of the following statements is Marked out of correct 1 00 Flag question Marginal cost curve Isoprofit curve Price, P (E) cost 4 (200 3 70 Isoprofit curve E80 2 50 Firm's demand curve Zero economic 2 profit curve (AC curve) 20 40 60 80 100 120 140 160 180 200 Quantity of loaves, Q Select one O a The bakery supplies 120 loaves and generates 80 as profits O b If the price rises, the bakery generates zero economic profit O c The bakery's profit decreases until the quantity is 120, and then increases O d The bakery's supply curve is horizontal O e The bakery is a price setter and sets its price as 2 50 Question 9 Brian likes going to the cinema more than watching football Anna, on the other hand, prefers Not yet saved watching football to going to the cinema Either way, they both prefer to be together rather than Marked out of spending an afternoon apart The following table represents the happiness levels (payoffs) of 1 00 Anna and Brian, depending on their choice of activity (the first number is Brian's happiness level V Flag while the second number is Anna's) question Choose the correct statement Select one 0 a Brian has an incentive to deviate from the Nash equilibrium 0 b The dominant strategy for both players is Cinema 0 c There is no dominant strategy equilibrium 0 d The dominant strategy equilibrium does not yield the highest possible happiness for both Question 10 Two farmers Anil and Bala are each deciding how to deal with pest insects that destroy the crops Not yet saved they cultivate in their adjacent fields They have the choice of using either Integrated Pest Marked out of Control (IPC) or Terminator (T) The payoffs for their choices in terms of tonnes of crop are 1 00 shown in the diagram Which of the following statements is correct Flag 5 question I, T 4 1,I 3 Bala's payoff 2 T T T, I 1, I Both use Integrated Pest Control (IPC) T, T Both use Terminator T, I Anil uses Terminator, Bala uses IPC 0 2 3 5 1, T Anil uses IPC, Bala uses Terminator Anil's payoff Select one O a Pareto criterion tells us that (1, I) is the best outcome as it is Pareto efficient O b (1, 1) Pareto dominates (1, T) as it is fairer O c There is only one Pareto efficient outcome O d If Anil and Bala move from (T, T) to (1, I), there is Pareto improvement as both farmers are better off O e (T, T) Pareto dominates (1, I) Question 11 Not yet saved Marked out of 1 00 'l7 Flag question The firm supply and the market supply of bread are shown in the diagram Which of the following statements about the diagram is incorrect 5 S Firm supply Market supply 4 (marginal cost) 4 (marginal cost) K a 8 8 Q E n n a at 2 2 a a 0 40 80 120 160 200 0 2 000 4 000 6 000 8 000 10 000 Quantity of loaves Q Quantity of loaves, Q Select one Q a The firm supply curve shows that the average cost is higher in the large scale production 0 b There is a close relationship between the firm supply and the market supply 0 c The number of firms in the market does not change as the price increases 0 d If the price is 1 5, the amount supplied by a firm is 60 0 e The market supply curve shows the relationship between the price and the amount supplied, ceteris paribus Question 12 Not yet saved Marked out of 1 00 l7 Flag question The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of M02020, a luxury car manufactured by MQ Motors Assume that MQ Motors currently chooses to operate at Point A Which statement correctly describes the M0 Motors' situation 10 000 Marginal cost lsoprot curve $63,360 ( Isoprolit curve 530 000 Imp uh ( LIJ a $5 Price, marginal cost (5) Demand curve 0 50 100 120 Quantity of cars, 0 Select one Q a In order to maximise profits, MQ Motors should operate at Point E O b The only way for M0 Motors to maximise its profits is to operate at Point E O 0 Currently, MQ Motors' MRS is equal to MRT 0 d If MQ Motors chooses to operate at Point B instead of Point A, it will make the same level of profits as both are on the demand curve 0 e MQ Motors can increase its profits by producing and selling more cars at a lower price Question 13 Angela is a farmer who works on Bruno's land The diagram illustrates Angela and Bruno's combined feasible frontier, Angela's biological Not yet saved survival constraint and Angela's reservation indifference curve Which of the following statements about the decision made on Angela's free Marked out of time and bushels of grain is incorrect 1 00 Angela's biological P Flag survival constraint Angela's reservation indifference curve question 12 Bushels of grain 4 5 Feasible frontier Angela and Bruno combined 0 0 13 16 24 Angela's hours of free time a Technically feasible 4 5 Economically feasible joint surplus) What Bruno gets 0 0 3 16 24 Angela's hours of free time Select one O a If Bruno can enforce any allocation he wants, he will choose one that maximises what he gets O b Total production of grain is lower if both parties bargain when compared to the case where Angela has no bargaining power O c If Bruno can enforce any allocation he wants, he will make Angela work for 8 hours O d If Angela can take or leave the allocation Bruno offers, Bruno gets 4 5 bushels of grain O e If Bruno can enforce any allocation he wants, he will make Angela work for 11 hours Question 14 The diagram illustrates isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors Which statement Not yet saved incorrectly describes the diagram Marked out of 1 00 10,000 Flag 9,000 Profit Q(P AC) question 8,000 C (8, 7500) 7,000 Marginal cost 6,000 A (35, 6000) Isoprofit curve $150,000 Price, marginal cost ($) 5,000 Isoprofit curve $70,000 4,000 Zero economic profit curve (AC curve) 3,000 B (40, 3300) 2,000 1,000 0 10 20 30 40 50 60 70 80 90 100 110 120 Quantity of cars, Q Select one O a If MQ Motors sets the price equal to the average cost, it makes zero economic profit O b Isoprofit curves show the combinations of price and quantity that give the same profit O c Points B and C give MQ Motors the same level of profit O d If MQ Motors sells 35 cars at P $6,000, it makes profits of $70,000 O e The average cost decreases until Q 40 and then increases Question 1 5 Not yet saved Marked out of 1 00 7 Flag question Which of the following statements about production technologies is correct A Large firms experience economies of scale, whereas small firms experience diseconomies of scale B Increasing returns to scale implies that the average cost of production decreases as output increases C Large scale production is advantageous to the firm if the production technology exhibits economies of scale or increasing returns to scale D Network effects refer to the advantages of combining multiple firms' production technologies together Select one 0 a C O b C, D O c A, B, C 0 d B, C De A,B,C,D Que h 16 Angela is a farmer whose feasible frontier is illustrated in the diagram Bruno is Angela's neighbour who is not a farmer but claims some of NO ye' SBVGd Angela's harvest for an unknown reason The Points El are possible allocations of grain production between Angela and Bruno The current Marked out of allocation between the two parties is Point E Which statement incorrectly describes the situation illustrated in the diagram 1,00 12 V Flag question Total grain produced 10 5 c what Feasible frontier '3 Bruno gets Angela and Bruno ' a combined o g s 25 8 37 What Angela gets ' 0 (b ' 0 Angela's free time 12 Angela's work 24 Angela's hours of free time Select one 0 a If the allocation moves to Point F, the total output level increases 0 b From the diagram it is not certain whether Angela would prefer Point G to Point E O c Angela would not prefer Point G to Point F as the former requires her to work more hours than the latter 0 d Bruno and Angela are currently splitting the output in half 0 e Angela would prefer Point to the current allocation as she would have more grain and more free time Question 1 7 Not yet saved Marked out of 1 00 V Flag question The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors which statement correctly describes the demand for M02020 8 000 4,800 Price P WTP (5) 3,200 2 000 0 20 40 60 80 100 120 Quantity Q number oi consumers per day Select one 0 a MQ Motors will be able to sell 60 cars if it sets the price at $4,800 0 b As MQ2020 is a luxury car, MQ Motors will need to raise the price in order to sell more 0 c The demand curve shows that points A and C are feasible options for M0 Motors 0 d If MQ Motors raises the price from $3,200 to $4,800, it will lose twenty consumers per day 0 e There are 59 consumers who are willing to pay more than $4,800 for M02020 Question 18 Which of the following statements are correct Not yet saved A Positive employment rent implies that there must always be involuntary unemployment Marked out of 1 00 B A barista receiving a payment per cup of coffee made is an example of piece rate pay Flag C Workers would exert effort into work if their employment rent is negative question D Employment rent benefits workers but harms the firms as it implies higher production costs Select one O a A, B, D O b A, B O c A, C O d B, C O e A, DQuestion 19 The diagram shows the demand and the supply curves for a second hand textbook The curves intersect at (Q, P) (24, 8) Which of the Not yet saved following is correct Marked out of 20 1 00 Flag question 15 Supply curve Price, P ($) 10 5 Demand curve 0 10 15 20 Q 25 30 35 40 45 Quantity of books, Q Select one O a If the price is 9, there is excess supply O b In total, 40 books will be purchased in the market O c The equilibrium quantity is 8 O d If the price is 5, the sellers have an incentive to lower the price in order to sell more O e There is no equilibrium price and quantity in the market of second hand goods Question 20 Not yet saved Marked out of 1 00 V Flag question Which statement correctly describes price setting and price taking firms Select one 0 a The price taking firms have more incentive to advertise their products in comparison to the price setting firms 0 b In a market with pricesetting firms, the total surplus is maximised O c The pricesetting firm chooses a quantity at which the price is higher than the marginal cost Od Oe The price setting firm maximises its profit, whereas the price taking firm chooses an output level that generates zero economic profits The pricetaking firm chooses a quantity at which the price is less than the marginal cost",
"question_description": "
Hi,<\/p>
Can someone please help with these questions?<\/p>
I'm so confused.<\/p>
Please label the number of the question next to the answer and I need the answers to these questions in less than an hour please help!!<\/p>
Thank you!<\/p>
<\/p>
<\/div><\/div><\/div><\/figure> Question 1 Not yet saved Marked out of 1.00 F Flag question Which of the following statements about firms and markets is incorrect? Select one: 0 a. Friendship with co-workers is a firm-specific asset. O b. Owners and workers in a firm share interests as they both want the firm's success. 0 c. The asymmetric information problem prevailing in firms arises as managers do not share confidential information with workers. 0 d. Contracts for products sold in markets transfer permanently the ownership of a good from the seller to the buyer. 0 e. In general, a firm has more workers than managers. Question 2 Not yet saved Marked out of 1.00 \\\\'7 Flag question Choose all correct statements. A. Demand curve represents the willingness to pay of buyers. B. Supply curve represents the willingness to pay of sellers. C. In a market of identical products where there are many sellers and many buyers, sellers have more bargaining power than buyers. D. In a market of identical products where there are many sellers and many buyers, both sellers and buyers are pricetakers. Select one: 0 a. A,D O b. A,B,C O c. A,C 0 d. A,B,C,D Oe. A,B,D 3 The diagram illustrates the demand curve, isoprofit curves and the ved marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. t of Assume that MQ Motors currently chooses to operate at Point E. Which statement correctly describes the market of MQ2020? 10,000 A Marginal cost E Isoprofit curve P* = $5,440 $150,000 Price, marginal cost ($) Isoprofit curve Po D $63,360 C B Demand curve 0 10 20 Q* = 32 Qo 120 Quantity of cars, Q Select one: O a. All possible gains from trade are being achieved as MQ Motors operates at its profit-maximising output and price. O b. The amount of consumer surplus is the area ADPo. O c. Producer surplus is $63,360 as it equals MQ Motors' profits. O d. The amount of MQ Motors' producer surplus is the area BCEP* O e. The amount of total surplus is the area ABD.Question 4 Not yet saved Marked out of 1.00 l? Flag question Total cost of production. C(Q) AC = 2.200 350.000 Quantity of cars, Q The diagram above represents the total production cost of a car manufacturer. Which of the following statements correctly describes the cost of production? Select one: Oa. Ob. 0c. 0d. Oe. The marginal cost when producing 40 cars is between $2,200 and $4,600. The average cost increases and then decreases as total output increases. Production of cars requires $80,000 as fixed costs. The average cost when producing 20 cars is $2,200. The marginal cost decreases as total output increases. Question 5 Not yet saved Marked out of 1.00 l7 Flag question Which of the following statements about price elasticity of demand is correct? Select one: C) a. Elastic demand implies that there are many close substitutes. O b. Elastic demand implies a firm's high market power. 0 c. Price elasticity of demand is measured by the absolute change in quantity demanded divided by the absolute change in price. 0 d. Price elasticity of demand is equal to the slope of the demand curve. 0 e. The higher the price elasticity of demand, the steeper the demand CU rve. Question 6 Not yet saved Marked out of 1.00 V Flag question The diagram above illustrates Maria's employment rent for a given amount of effort and a $15 wage in an economy with an unemployment benefit of $6 of unlimited duration. Once unemployed Maria expects to find a new job with the same wage in 44 weeks. Which statement correctly describes Maria's situation? + . what Maria gets should she not lose her job today $) - what Maria gets should she lose her job today Hourly wage - s15 Marie's rent Employment rent 3 Unemployment when employed per hour a benefit plus the E\\\" disutility of alien - $9 3 Disutility of effort 3-. when employed 1; Unemployment benefit . 55 O I What Merie receives Reservation wage in unemployment per hour benet during her period of unemployment 0 Expected duration of unemployment Number of 35-hour weeks 2 44 weeks (1,549 hours) Select one: 0 a. Maria can receive $9 per hour from her reservation option once unemployed. O b. Maria's disutility from not having a job is $3 per hour. 0 c. Maria's employment rent per week is $210. 0 d. Maria is better off by $9 per hour when she is employed than when unemployed. 0 e. Maria does not care if she loses her current job because she would receive unemployment benefit. ' 7 . . . Quesmon ConSIder an ultimatum game where the Proposer offers a proportion of $100 to the Responder, Not yet saved who can either accept or reject the offer. If the Responder accepts, both the Proposer and the Marked OUT 0f Responder keep the agreed share, while if the Responder rejects, then both receive nothing. The 1'00 figure below shows the results of a study that compares the responses of US university students V \\\"39 and Kenyan farmers. question 100 I Farmers (Kenya) I Students, Emory University (US) U\" \\\\l O U! Fraction of Responders who would accept the offer (96) N U1 O 10 20 30 40 50 Fraction of the pie offered by the Proposer to the Responder ('56) Based on the information from the figure, we can infer that: Select one: Q a. Kenyan farmers do not care about money at all. 0 b' Kenyan farmers place higher importance on fairness than US students. 0 c. Both groups of Responders are indifferent between accepting and rejecting an offer of receiving nothing. 0 d. Just over 50% of Kenyan farmers rejected the offer of the Proposer keeping 30%. Question 8 The diagram shows a price-taking bakery's marginal and average cost curves, and its isoprofit Not yet saved curves. The current market price for bread is P*= 2.50. Which of the following statements is Marked out of correct? 1.00 Flag question Marginal cost curve Isoprofit curve: Price, P (E); cost 4 (200 3.70 Isoprofit curve: E80 2.50 Firm's demand curve Zero-economic- 2 profit curve (AC curve) 20 40 60 80 100 120 140 160 180 200 Quantity of loaves, Q Select one: O a. The bakery supplies 120 loaves and generates 80 as profits. O b. If the price rises, the bakery generates zero economic profit. O c. The bakery's profit decreases until the quantity is 120, and then increases. O d. The bakery's supply curve is horizontal. O e. The bakery is a price setter and sets its price as 2.50.Question 9 Brian likes going to the cinema more than watching football. Anna, on the other hand, prefers Not yet saved watching football to going to the cinema. Either way, they both prefer to be together rather than Marked out of spending an afternoon apart. The following table represents the happiness levels (payoffs) of 1.00 Anna and Brian, depending on their choice of activity (the first number is Brian's happiness level V Flag while the second number is Anna's): question Choose the correct statement. Select one: 0 a. Brian has an incentive to deviate from the Nash equilibrium. 0 b\\\" The dominant strategy for both players is Cinema. 0 c. There is no dominant strategy equilibrium. 0 d\\\" The dominant strategy equilibrium does not yield the highest possible happiness for both. Question 10 Two farmers Anil and Bala are each deciding how to deal with pest insects that destroy the crops Not yet saved they cultivate in their adjacent fields. They have the choice of using either Integrated Pest Marked out of Control (IPC) or Terminator (T). The payoffs for their choices in terms of tonnes of crop are 1.00 shown in the diagram. Which of the following statements is correct? Flag 5 question I, T 4 1,I 3 Bala's payoff 2 T. T : T, I 1, I = Both use Integrated Pest Control (IPC) T, T = Both use Terminator T, I = Anil uses Terminator, Bala uses IPC 0 2 3 5 1, T = Anil uses IPC, Bala uses Terminator Anil's payoff Select one: O a. Pareto criterion tells us that (1, I) is the best outcome as it is Pareto-efficient. O b. (1, 1) Pareto-dominates (1, T) as it is fairer. O c. There is only one Pareto-efficient outcome. O d. If Anil and Bala move from (T, T) to (1, I), there is Pareto-improvement as both farmers are better off. O e. (T, T) Pareto-dominates (1, I).Question 11 Not yet saved Marked out of 1.00 'l7 Flag question The firm supply and the market supply of bread are shown in the diagram. Which of the following statements about the diagram is incorrect? 5 S Firm supply Market supply 4 (marginal cost) 4 (marginal cost) K a 8 8 Q E n. n. a\\\" at .2 .2 a a: 0 40 80 120 160 200 0 2.000 4.000 6.000 8.000 10.000 Quantity of loaves. Q Quantity of loaves, Q Select one: Q a. The firm supply curve shows that the average cost is higher in the large-scale production. 0 b. There is a close relationship between the firm supply and the market supply. 0 c. The number of firms in the market does not change as the price increases. 0 d. If the price is 1.5, the amount supplied by a firm is 60. 0 e. The market supply curve shows the relationship between the price and the amount supplied, ceteris paribus. Question 12 Not yet saved Marked out of 1.00 l7 Flag question The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of M02020, a luxury car manufactured by MQ Motors. Assume that MQ Motors currently chooses to operate at Point A. Which statement correctly describes the M0 Motors' situation? 10.000 Marginal cost lsoprot curve: $63,360 ( Isoprolit curve: 530.000 Imp! uh: (.LIJ a;- $5 Price, marginal cost (5) Demand curve 0 50 100 120 Quantity of cars, 0 Select one: Q a. In order to maximise profits, MQ Motors should operate at Point E. O b. The only way for M0 Motors to maximise its profits is to operate at Point E. O 0. Currently, MQ Motors' MRS is equal to MRT. 0 d. If MQ Motors chooses to operate at Point B instead of Point A, it will make the same level of profits as both are on the demand curve. 0 e. MQ Motors can increase its profits by producing and selling more cars at a lower price. Question 13 Angela is a farmer who works on Bruno's land. The diagram illustrates Angela and Bruno's combined feasible frontier, Angela's biological Not yet saved survival constraint and Angela's reservation indifference curve. Which of the following statements about the decision made on Angela's free Marked out of time and bushels of grain is incorrect? 1.00 Angela's biological P Flag survival constraint Angela's reservation indifference curve question 12 Bushels of grain 4.5 Feasible frontier: Angela and Bruno combined 0 0 13 16 24 Angela's hours of free time a --... Technically feasible 4.5 Economically feasible joint surplus) What Bruno gets 0- 0 3 16 24 Angela's hours of free time Select one: O a. If Bruno can enforce any allocation he wants, he will choose one that maximises what he gets. O b. Total production of grain is lower if both parties bargain when compared to the case where Angela has no bargaining power. O c. If Bruno can enforce any allocation he wants, he will make Angela work for 8 hours. O d. If Angela can take or leave the allocation Bruno offers, Bruno gets 4.5 bushels of grain. O e. If Bruno can enforce any allocation he wants, he will make Angela work for 11 hours.Question 14 The diagram illustrates isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Which statement Not yet saved incorrectly describes the diagram? Marked out of 1.00 10,000- Flag 9,000- Profit = Q(P - AC) question 8,000 . C (8, 7500) 7,000 Marginal cost 6,000- . A (35, 6000) Isoprofit curve: $150,000 Price, marginal cost ($) 5,000 Isoprofit curve: $70,000 4,000 Zero-economic-profit curve (AC curve) 3,000- B (40, 3300) 2,000- 1,000 0 10 20 30 40 50 60 70 80 90 100 110 120 Quantity of cars, Q Select one: O a. If MQ Motors sets the price equal to the average cost, it makes zero economic profit. O b. Isoprofit curves show the combinations of price and quantity that give the same profit. O c. Points B and C give MQ Motors the same level of profit. O d. If MQ Motors sells 35 cars at P=$6,000, it makes profits of $70,000. O e. The average cost decreases until Q=40 and then increases.Question 1 5 Not yet saved Marked out of 1.00 \\\\7 Flag question Which of the following statements about production technologies is correct? A. Large firms experience economies of scale, whereas small firms experience diseconomies of scale. B. Increasing returns to scale implies that the average cost of production decreases as output increases. C. Large scale production is advantageous to the firm if the production technology exhibits economies of scale or increasing returns to scale. D. Network effects refer to the advantages of combining multiple firms' production technologies together. Select one: 0 a. C O b. C, D O c. A, B, C 0 d. B, C De. A,B,C,D Que-\\\"h\\\" 16 Angela is a farmer whose feasible frontier is illustrated in the diagram. Bruno is Angela's neighbour who is not a farmer but claims some of NO\" ye' SBVGd Angela's harvest for an unknown reason. The Points El are possible allocations of grain production between Angela and Bruno. The current Marked out of allocation between the two parties is Point E. Which statement incorrectly describes the situation illustrated in the diagram? 1,00 12 V Flag question Total grain produced 10.5 c what Feasible frontier: '3 Bruno gets Angela and Bruno '- . a. combined o g s 25 8 37 What Angela gets ' 0 (b ' 0 Angela's free time 12 Angela's work 24 Angela's hours of free time Select one: 0 a. If the allocation moves to Point F, the total output level increases. 0 b. From the diagram it is not certain whether Angela would prefer Point G to Point E. O c. Angela would not prefer Point G to Point F as the former requires her to work more hours than the latter. 0 d. Bruno and Angela are currently splitting the output in half. 0 e. Angela would prefer Point | to the current allocation as she would have more grain and more free time. Question 1 7 Not yet saved Marked out of 1.00 V Flag question The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors. which statement correctly describes the demand for M02020? 8.000 4,800 Price. P: WTP (5) 3,200 2.000 0 20 40 60 80 100 120 Quantity. Q: number oi consumers per day Select one: 0 a. MQ Motors will be able to sell 60 cars if it sets the price at $4,800. 0 b. As MQ2020 is a luxury car, MQ Motors will need to raise the price in order to sell more. 0 c. The demand curve shows that points A and C are feasible options for M0 Motors. 0 d. If MQ Motors raises the price from $3,200 to $4,800, it will lose twenty consumers per day. 0 e. There are 59 consumers who are willing to pay more than $4,800 for M02020. Question 18 Which of the following statements are correct? Not yet saved A. Positive employment rent implies that there must always be involuntary unemployment. Marked out of 1.00 B. A barista receiving a payment per cup of coffee made is an example of piece rate pay. Flag C. Workers would exert effort into work if their employment rent is negative. question D. Employment rent benefits workers but harms the firms as it implies higher production costs. Select one: O a. A, B, D O b. A, B O c. A, C O d. B, C O e. A, DQuestion 19 The diagram shows the demand and the supply curves for a second-hand textbook. The curves intersect at (Q, P) = (24, 8). Which of the Not yet saved following is correct? Marked out of 20 1.00 Flag question 15 Supply curve Price, P ($) 10 5 Demand curve 0 10 15 20 Q* 25 30 35 40 45 Quantity of books, Q Select one: O a. If the price is 9, there is excess supply. O b. In total, 40 books will be purchased in the market. O c. The equilibrium quantity is 8. O d. If the price is 5, the sellers have an incentive to lower the price in order to sell more. O e. There is no equilibrium price and quantity in the market of second-hand goods.Question 20 Not yet saved Marked out of 1.00 V Flag question Which statement correctly describes price-setting and price-taking firms? Select one: 0 a. The price-taking firms have more incentive to advertise their products in comparison to the price-setting firms. 0 b. In a market with pricesetting firms, the total surplus is maximised. O c. The pricesetting firm chooses a quantity at which the price is higher than the marginal cost. Od. Oe. The price-setting firm maximises its profit, whereas the price-taking firm chooses an output level that generates zero economic profits. The pricetaking firm chooses a quantity at which the price is less than the marginal cost",
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<\/div><\/div><\/div><\/figure> Question 1 Not yet saved Marked out of 1.00 F Flag question Which of the following statements about firms and markets is incorrect? Select one: 0 a. Friendship with co-workers is a firm-specific asset. O b. Owners and workers in a firm share interests as they both want the firm's success. 0 c. The asymmetric information problem prevailing in firms arises as managers do not share confidential information with workers. 0 d. Contracts for products sold in markets transfer permanently the ownership of a good from the seller to the buyer. 0 e. In general, a firm has more workers than managers. Question 2 Not yet saved Marked out of 1.00 \\\\'7 Flag question Choose all correct statements. A. Demand curve represents the willingness to pay of buyers. B. Supply curve represents the willingness to pay of sellers. C. In a market of identical products where there are many sellers and many buyers, sellers have more bargaining power than buyers. D. In a market of identical products where there are many sellers and many buyers, both sellers and buyers are pricetakers. Select one: 0 a. A,D O b. A,B,C O c. A,C 0 d. A,B,C,D Oe. A,B,D 3 The diagram illustrates the demand curve, isoprofit curves and the ved marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. t of Assume that MQ Motors currently chooses to operate at Point E. Which statement correctly describes the market of MQ2020? 10,000 A Marginal cost E Isoprofit curve P* = $5,440 $150,000 Price, marginal cost ($) Isoprofit curve Po D $63,360 C B Demand curve 0 10 20 Q* = 32 Qo 120 Quantity of cars, Q Select one: O a. All possible gains from trade are being achieved as MQ Motors operates at its profit-maximising output and price. O b. The amount of consumer surplus is the area ADPo. O c. Producer surplus is $63,360 as it equals MQ Motors' profits. O d. The amount of MQ Motors' producer surplus is the area BCEP* O e. The amount of total surplus is the area ABD.Question 4 Not yet saved Marked out of 1.00 l? Flag question Total cost of production. C(Q) AC = 2.200 350.000 Quantity of cars, Q The diagram above represents the total production cost of a car manufacturer. Which of the following statements correctly describes the cost of production? Select one: Oa. Ob. 0c. 0d. Oe. The marginal cost when producing 40 cars is between $2,200 and $4,600. The average cost increases and then decreases as total output increases. Production of cars requires $80,000 as fixed costs. The average cost when producing 20 cars is $2,200. The marginal cost decreases as total output increases. Question 5 Not yet saved Marked out of 1.00 l7 Flag question Which of the following statements about price elasticity of demand is correct? Select one: C) a. Elastic demand implies that there are many close substitutes. O b. Elastic demand implies a firm's high market power. 0 c. Price elasticity of demand is measured by the absolute change in quantity demanded divided by the absolute change in price. 0 d. Price elasticity of demand is equal to the slope of the demand curve. 0 e. The higher the price elasticity of demand, the steeper the demand CU rve. Question 6 Not yet saved Marked out of 1.00 V Flag question The diagram above illustrates Maria's employment rent for a given amount of effort and a $15 wage in an economy with an unemployment benefit of $6 of unlimited duration. Once unemployed Maria expects to find a new job with the same wage in 44 weeks. Which statement correctly describes Maria's situation? + . what Maria gets should she not lose her job today $) - what Maria gets should she lose her job today Hourly wage - s15 Marie's rent Employment rent 3 Unemployment when employed per hour a benefit plus the E\\\" disutility of alien - $9 3 Disutility of effort 3-. when employed 1; Unemployment benefit . 55 O I What Merie receives Reservation wage in unemployment per hour benet during her period of unemployment 0 Expected duration of unemployment Number of 35-hour weeks 2 44 weeks (1,549 hours) Select one: 0 a. Maria can receive $9 per hour from her reservation option once unemployed. O b. Maria's disutility from not having a job is $3 per hour. 0 c. Maria's employment rent per week is $210. 0 d. Maria is better off by $9 per hour when she is employed than when unemployed. 0 e. Maria does not care if she loses her current job because she would receive unemployment benefit. ' 7 . . . Quesmon ConSIder an ultimatum game where the Proposer offers a proportion of $100 to the Responder, Not yet saved who can either accept or reject the offer. If the Responder accepts, both the Proposer and the Marked OUT 0f Responder keep the agreed share, while if the Responder rejects, then both receive nothing. The 1'00 figure below shows the results of a study that compares the responses of US university students V \\\"39 and Kenyan farmers. question 100 I Farmers (Kenya) I Students, Emory University (US) U\" \\\\l O U! Fraction of Responders who would accept the offer (96) N U1 O 10 20 30 40 50 Fraction of the pie offered by the Proposer to the Responder ('56) Based on the information from the figure, we can infer that: Select one: Q a. Kenyan farmers do not care about money at all. 0 b' Kenyan farmers place higher importance on fairness than US students. 0 c. Both groups of Responders are indifferent between accepting and rejecting an offer of receiving nothing. 0 d. Just over 50% of Kenyan farmers rejected the offer of the Proposer keeping 30%. Question 8 The diagram shows a price-taking bakery's marginal and average cost curves, and its isoprofit Not yet saved curves. The current market price for bread is P*= 2.50. Which of the following statements is Marked out of correct? 1.00 Flag question Marginal cost curve Isoprofit curve: Price, P (E); cost 4 (200 3.70 Isoprofit curve: E80 2.50 Firm's demand curve Zero-economic- 2 profit curve (AC curve) 20 40 60 80 100 120 140 160 180 200 Quantity of loaves, Q Select one: O a. The bakery supplies 120 loaves and generates 80 as profits. O b. If the price rises, the bakery generates zero economic profit. O c. The bakery's profit decreases until the quantity is 120, and then increases. O d. The bakery's supply curve is horizontal. O e. The bakery is a price setter and sets its price as 2.50.Question 9 Brian likes going to the cinema more than watching football. Anna, on the other hand, prefers Not yet saved watching football to going to the cinema. Either way, they both prefer to be together rather than Marked out of spending an afternoon apart. The following table represents the happiness levels (payoffs) of 1.00 Anna and Brian, depending on their choice of activity (the first number is Brian's happiness level V Flag while the second number is Anna's): question Choose the correct statement. Select one: 0 a. Brian has an incentive to deviate from the Nash equilibrium. 0 b\\\" The dominant strategy for both players is Cinema. 0 c. There is no dominant strategy equilibrium. 0 d\\\" The dominant strategy equilibrium does not yield the highest possible happiness for both. Question 10 Two farmers Anil and Bala are each deciding how to deal with pest insects that destroy the crops Not yet saved they cultivate in their adjacent fields. They have the choice of using either Integrated Pest Marked out of Control (IPC) or Terminator (T). The payoffs for their choices in terms of tonnes of crop are 1.00 shown in the diagram. Which of the following statements is correct? Flag 5 question I, T 4 1,I 3 Bala's payoff 2 T. T : T, I 1, I = Both use Integrated Pest Control (IPC) T, T = Both use Terminator T, I = Anil uses Terminator, Bala uses IPC 0 2 3 5 1, T = Anil uses IPC, Bala uses Terminator Anil's payoff Select one: O a. Pareto criterion tells us that (1, I) is the best outcome as it is Pareto-efficient. O b. (1, 1) Pareto-dominates (1, T) as it is fairer. O c. There is only one Pareto-efficient outcome. O d. If Anil and Bala move from (T, T) to (1, I), there is Pareto-improvement as both farmers are better off. O e. (T, T) Pareto-dominates (1, I).Question 11 Not yet saved Marked out of 1.00 'l7 Flag question The firm supply and the market supply of bread are shown in the diagram. Which of the following statements about the diagram is incorrect? 5 S Firm supply Market supply 4 (marginal cost) 4 (marginal cost) K a 8 8 Q E n. n. a\\\" at .2 .2 a a: 0 40 80 120 160 200 0 2.000 4.000 6.000 8.000 10.000 Quantity of loaves. Q Quantity of loaves, Q Select one: Q a. The firm supply curve shows that the average cost is higher in the large-scale production. 0 b. There is a close relationship between the firm supply and the market supply. 0 c. The number of firms in the market does not change as the price increases. 0 d. If the price is 1.5, the amount supplied by a firm is 60. 0 e. The market supply curve shows the relationship between the price and the amount supplied, ceteris paribus. Question 12 Not yet saved Marked out of 1.00 l7 Flag question The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of M02020, a luxury car manufactured by MQ Motors. Assume that MQ Motors currently chooses to operate at Point A. Which statement correctly describes the M0 Motors' situation? 10.000 Marginal cost lsoprot curve: $63,360 ( Isoprolit curve: 530.000 Imp! uh: (.LIJ a;- $5 Price, marginal cost (5) Demand curve 0 50 100 120 Quantity of cars, 0 Select one: Q a. In order to maximise profits, MQ Motors should operate at Point E. O b. The only way for M0 Motors to maximise its profits is to operate at Point E. O 0. Currently, MQ Motors' MRS is equal to MRT. 0 d. If MQ Motors chooses to operate at Point B instead of Point A, it will make the same level of profits as both are on the demand curve. 0 e. MQ Motors can increase its profits by producing and selling more cars at a lower price. Question 13 Angela is a farmer who works on Bruno's land. The diagram illustrates Angela and Bruno's combined feasible frontier, Angela's biological Not yet saved survival constraint and Angela's reservation indifference curve. Which of the following statements about the decision made on Angela's free Marked out of time and bushels of grain is incorrect? 1.00 Angela's biological P Flag survival constraint Angela's reservation indifference curve question 12 Bushels of grain 4.5 Feasible frontier: Angela and Bruno combined 0 0 13 16 24 Angela's hours of free time a --... Technically feasible 4.5 Economically feasible joint surplus) What Bruno gets 0- 0 3 16 24 Angela's hours of free time Select one: O a. If Bruno can enforce any allocation he wants, he will choose one that maximises what he gets. O b. Total production of grain is lower if both parties bargain when compared to the case where Angela has no bargaining power. O c. If Bruno can enforce any allocation he wants, he will make Angela work for 8 hours. O d. If Angela can take or leave the allocation Bruno offers, Bruno gets 4.5 bushels of grain. O e. If Bruno can enforce any allocation he wants, he will make Angela work for 11 hours.Question 14 The diagram illustrates isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Which statement Not yet saved incorrectly describes the diagram? Marked out of 1.00 10,000- Flag 9,000- Profit = Q(P - AC) question 8,000 . C (8, 7500) 7,000 Marginal cost 6,000- . A (35, 6000) Isoprofit curve: $150,000 Price, marginal cost ($) 5,000 Isoprofit curve: $70,000 4,000 Zero-economic-profit curve (AC curve) 3,000- B (40, 3300) 2,000- 1,000 0 10 20 30 40 50 60 70 80 90 100 110 120 Quantity of cars, Q Select one: O a. If MQ Motors sets the price equal to the average cost, it makes zero economic profit. O b. Isoprofit curves show the combinations of price and quantity that give the same profit. O c. Points B and C give MQ Motors the same level of profit. O d. If MQ Motors sells 35 cars at P=$6,000, it makes profits of $70,000. O e. The average cost decreases until Q=40 and then increases.Question 1 5 Not yet saved Marked out of 1.00 \\\\7 Flag question Which of the following statements about production technologies is correct? A. Large firms experience economies of scale, whereas small firms experience diseconomies of scale. B. Increasing returns to scale implies that the average cost of production decreases as output increases. C. Large scale production is advantageous to the firm if the production technology exhibits economies of scale or increasing returns to scale. D. Network effects refer to the advantages of combining multiple firms' production technologies together. Select one: 0 a. C O b. C, D O c. A, B, C 0 d. B, C De. A,B,C,D Que-\\\"h\\\" 16 Angela is a farmer whose feasible frontier is illustrated in the diagram. Bruno is Angela's neighbour who is not a farmer but claims some of NO\" ye' SBVGd Angela's harvest for an unknown reason. The Points El are possible allocations of grain production between Angela and Bruno. The current Marked out of allocation between the two parties is Point E. Which statement incorrectly describes the situation illustrated in the diagram? 1,00 12 V Flag question Total grain produced 10.5 c what Feasible frontier: '3 Bruno gets Angela and Bruno '- . a. combined o g s 25 8 37 What Angela gets ' 0 (b ' 0 Angela's free time 12 Angela's work 24 Angela's hours of free time Select one: 0 a. If the allocation moves to Point F, the total output level increases. 0 b. From the diagram it is not certain whether Angela would prefer Point G to Point E. O c. Angela would not prefer Point G to Point F as the former requires her to work more hours than the latter. 0 d. Bruno and Angela are currently splitting the output in half. 0 e. Angela would prefer Point | to the current allocation as she would have more grain and more free time. Question 1 7 Not yet saved Marked out of 1.00 V Flag question The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors. which statement correctly describes the demand for M02020? 8.000 4,800 Price. P: WTP (5) 3,200 2.000 0 20 40 60 80 100 120 Quantity. Q: number oi consumers per day Select one: 0 a. MQ Motors will be able to sell 60 cars if it sets the price at $4,800. 0 b. As MQ2020 is a luxury car, MQ Motors will need to raise the price in order to sell more. 0 c. The demand curve shows that points A and C are feasible options for M0 Motors. 0 d. If MQ Motors raises the price from $3,200 to $4,800, it will lose twenty consumers per day. 0 e. There are 59 consumers who are willing to pay more than $4,800 for M02020. Question 18 Which of the following statements are correct? Not yet saved A. Positive employment rent implies that there must always be involuntary unemployment. Marked out of 1.00 B. A barista receiving a payment per cup of coffee made is an example of piece rate pay. Flag C. Workers would exert effort into work if their employment rent is negative. question D. Employment rent benefits workers but harms the firms as it implies higher production costs. Select one: O a. A, B, D O b. A, B O c. A, C O d. B, C O e. A, DQuestion 19 The diagram shows the demand and the supply curves for a second-hand textbook. The curves intersect at (Q, P) = (24, 8). Which of the Not yet saved following is correct? Marked out of 20 1.00 Flag question 15 Supply curve Price, P ($) 10 5 Demand curve 0 10 15 20 Q* 25 30 35 40 45 Quantity of books, Q Select one: O a. If the price is 9, there is excess supply. O b. In total, 40 books will be purchased in the market. O c. The equilibrium quantity is 8. O d. If the price is 5, the sellers have an incentive to lower the price in order to sell more. O e. There is no equilibrium price and quantity in the market of second-hand goods.Question 20 Not yet saved Marked out of 1.00 V Flag question Which statement correctly describes price-setting and price-taking firms? Select one: 0 a. The price-taking firms have more incentive to advertise their products in comparison to the price-setting firms. 0 b. In a market with pricesetting firms, the total surplus is maximised. O c. The pricesetting firm chooses a quantity at which the price is higher than the marginal cost. Od. Oe. The price-setting firm maximises its profit, whereas the price-taking firm chooses an output level that generates zero economic profits. The pricetaking firm chooses a quantity at which the price is less than the marginal cost",
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