Microeconomics Questions

31.Complete the following sentence. When the long run average cost

(LRAC) curve has a positive slope, it implies there are:

Select one:

a. increasing returns to scale.

b. constant returns to scale.

c. decreasing returns to scale.

d. diseconomies of scale.

e. none of the above

32.In the figure above, a price control "F" has been placed above the

equilibrium price "E." Which algebraic expression correctly calculates the

surplus caused at the price control level?

https://www.coursehero.com/file/39618150/Final-Exampdf/ https://my.uopeople.edu/mod/quiz/attempt.php?attempt=1776474&cmid=164499&page=3#q8 1/6 2019/3/29 Question 32 ". . Final Exam . Not yet answered S Marked out of 1.00 A F Price E ..... Quantity In the figure above, a price control "F" has been placed above the equilibrium price "E." Which algebraic expression correctly calculates the surplus caused at the price control level? es e Select one: O a. E - A O b. B +A dy Cour O C. E - B O d.A-B +E ed via e.B.A Question 33 Which most closely approximates a perfectly competitive market? Answer saved Marked out of Select one: 1.00 O a. An electric utility O b. An Ethiopian-style restaurant O c. The airline industryAnswer saved Marked out of Select one: 1.00 O a. Marginal revenue divided by output O b. Average revenue O c. Total revenue divided by marginal revenue O d. All of the above O e. None of the above Question 38 Lorenz Curve Not yet answered Marked out of 1.00 0.75- Proportion of Income rie was 0.5 urseHero.c D 0.25 - 0.25 0.5 0.75 Proportion of People After a revolution in a country with exceptionally high income inequality, a government institutes an extreme income transfer program from wealthy families to impoverished ones. How is this represented in the Lorenz curve? Select one: O a. Movement from D to C. O b. Movement from C to A. O c. Movement from C to B. O d. Movement from B to D. e. Movement from B to C. https://www.coursehero.com/file/39618150/Final-Exampdf/wealthy families to impoverished ones. How is this represented in the Lorenz curve? Select one: O a. Movement from D to C. b. Movement from C to A. O c. Movement from C to B. O d. Movement from B to D. O e. Movement from B to C. https://www.coursehero.com/file/39618150/Final-Exampdf/ Question 39 Good Y Answer saved Marked out of 40 1.00 30 20 V 10 5 10 15 20 Good X What does the above graph represent? Select one: Hero. O a. A move to a higher indifference curve. O b. A move to a lower indifference curve. O c. A move to a higher budget constraint. O d. A move to a lower budget constraint