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44) An investor has invested $1,000,000 in a company which has produced an accounting profit of $250,000 for the year. If the average return in this industry is 10%, what is the pure (economic) profit? 25% 10% c ) 5% 15% 35% 45) A group of three plants that is owned and operated by a single firm and which consists of a farm growing wheat, a flour milling plant, and a plant that bakes and sells bread, is an example of a: a) horizontal integration b) vertical integration holding company trust 46) If the price declines from $450 to $350 and, as a result, quantity demanded increases from 1200 to 1500, elasticity of demand is: a) 1.78 b ) 0.89 c ) 1.12 3.42 47) To find the profit-maximizing price and production rate, the firm compares its P LO AC P to AVC ceoge MR to MC AVC to AFC AR to AC 48) To find out whether it should temporarily shutdown its operations, a profit- maximizing firm compares its a) P to AC AC to AVC c ) P to MC d ) P LO AVC c) AVC to AFC38) Barriers to entry are highest in which two types of markets? differentiated competition and oligopoly perfect competition and differentiated competition coge monopoly and differentiated competition oligopoly and monopoly 39) In which type of market do you have the largest number of firms? perfect competition and oligopoly perfect competition and differentiated competition perfect competition and monopoly differentiated competition and oligopoly 40) If' marginal revenue is $6 and marginal cost is $4, the firm seeking to maximize profits should: increase its output reduce its output goge raise its price none of the above 41) A monopoly is a market structure in which a) a single firm exercises its power over smaller firms a single firm produces a product with a wide variety of very close substitutes c) each firm is run by a small proprietor there is only one firm producing a product which has no close substitutes 42) A natural monopoly is a market situation in which all firms sell natural resources ge a single firm supplies natural resources to an entire industry c) a single firm can supply the market output more efficiently than many firms d ) none of the above 43) The profit-seeking monopolist operates at a level of output where a) P - MC b) MC - AC c) MR - MC all of the above33) The larger the coefficient of price elasticity of demand for a product, the: a) larger the resulting price change for a given increase in supply 6) more rapid the rate at which the marginal utility of that product diminishes c) less competitive will be the industry supplying that product e) smaller the resulting price change for a given increase in supply 34) If a demand for a product is said to be "elastic", the value of the elasticity coeffectent a) zero b) greater than one ") equal to one d) less than one 35) The concept of price elasticity of demand measures: a) the slope of the demand curve b) the number of buyers in a market c) the extent to which the demand curve shifts as the result of a price decline d) the sensitivity of consumers to price changes ") none of the above 36) If the price-quantity relationship for a product can be expressed by the equation P = 100 - ,050, then: a) the equation for the corresponding MR function is MR - 100 -.100; b) the total revenue derived from the sale of the item will be maximum at a sales volume of 1000 units; ") the equation for the corresponding TR function is TR = 100Q - 050-; d) marginal revenue will be zero at a sales volume of 1000 units; e) all of the above. 37) An increase in the minimum wage would be expected to: a) raise unemployment; lower unemployment: C) have no effect on unemployment; raise total wages received by workers who work for an hourly wage below the minimum level: shift the supply curve of labour to the right.27) A "change in demand" means: a) a change in the elasticity of a demand curve the shift of a demand curve a movement along a given demand schedule or curve i) the quantity demanded changes as price changes 28) Suppose that a severe frost destroys one-half of Ontario's apple crops. As a result. we would expect: a) an increase in the demand for apples a rise in the price of pears a decline in the price of apples none of the above 29) If the supply of product X is perfectly elastic, an increase in the demand for it will increase: a) equilibrium quantity but reduce equilibrium price b) equilibrium quantity but equilibrium price will be unchanged equilibrium price but reduce equilibrium quantity equilibrium price but equilibrium quantity will be unchanged 30) The demand for a product is said to be inelastic with respect to price if: a) consumers are largely unresponsive to a per unit price change b) the clasticity coefficient is greater that I c) a drop in price is accompanied by a decrease in the quantity demanded d) a drop in price is accompanied by an increase in the quantity demanded 31) The basic formula for the price elasticity of demand coefficient is: a) absolute decline in quantity demanded absolute increase in price percentage change in quantity demanded/percentage change in price absolute increase in price /absolute decline in quantity demanded percentage change in price/ percentage change in quantity demanded 32) For a linear demand curve: a) elasticity is constant along the curve b) clasticity is unity at every point on the curve c) demand is clastic at low prices c) demand is inclastic at high prices D demand is clastic at high prices