Please answer these questions

Question 67

0.2pts

Assume a good has a downward-sloping, linear demand curve. As the price of this good increases, total revenue

Group of answer choices

Increases then decreases

Increases indefinitely.

Decreases indefinitely because the quantity sold will decrease.

Remains constant.

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Question 68

0.2pts

If the quantity demanded changes from 2 units to 4 units when the price is reduced from 45 cents to 40 cents per ounce. The price elasticity of demand is

Group of answer choices

Impossible to calculate.

5.65

0.667

0.118

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Question 69

0.2pts

Maximum total revenue occurs when

Group of answer choices

Total revenue is ?1.0.

Price multiplied by quantity is 1.0.

The absolute value of the price elasticity of demand is 1.0.

All of the above

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Question 70

0.2pts

Which of the following would best measure the effects of a recession

Group of answer choices

Price elasticity of demand.

Cross-price elasticity of demand.

Utility-maximizing rule

Income elasticity of demand.

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Question 71

0.2pts

Marginal utility for a good is computed as

Group of answer choices

The change in total utility divided by the change in quantity

Quantity divided by total utility

Total utility divided by quantity

The change in quantity divided by total utility

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Question 72

0.2pts

A demand curve that is completely elastic is

Group of answer choices

Vertical.

Upward sloping.

Downward sloping

Horizontal.

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Question 73

0.2pts

A demand curve that is completely inelastic is

Group of answer choices

Vertical.

Downward sloping

Horizontal.

Upward sloping.

Question 30

0.2pts

Which of the following is the best description of the origin of the economic problem of scarcity

Group of answer choices

Humans have unlimited wants for goods and services but resources are limited.

Humans have limited wants for goods and services and resources are also limited

Humans have limited wants for goods and services and resources are unlimited

Humans have unlimited wants for goods and services and resources are also unlimited.

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Question 31

0.2pts

Given a constant price per unit for the variable input, marginal cost will increase with greater output if:

Group of answer choices

Total variable cost is decreasing.

Marginal physical product is increasing.

Total fixed cost is increasing.

Marginal physical product is declining.

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Question 32

0.2pts

When the wage rate is $7 per hour and the MPP of a worker is 35 units per hour, the unit labor cost is:

Group of answer choices

$245 per hour.

$7.00 per hour.

$0.20 per unit.

$245 per unit.

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Question 33

0.2pts

The period in which at least one input is fixed in quantity is the:

Group of answer choices

Short run.

Investment decision.

Long run.

Production run.

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Question 34

0.2pts

Economies of scale are reductions in:

Group of answer choices

Average total costs that result from declining average fixed costs.

Minimum average total costs that result from using operations of larger size.

Marginal costs resulting from improved technology and production efficiency.

Fixed costs that result from reducing the firm's scale of operations.

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Question 35

0.2pts

The marginal cost curve intersects the minimum of the curve representing:

Group of answer choices

All of the above.

ATC.

TC.

AFC.

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Question 36

0.2pts

The sum of fixed cost and variable cost at any rate of output is:

Group of answer choices

Total cost.

Average total cost.

Average marginal cost.

Total variable cost.

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Question 37

0.2pts

Explicit costs:

Group of answer choices

Include the market value of all resources used to produce a good.

Include only payments to labor.

Are the sum of actual monetary payments made for resources used to produce a good.

Are the total value of resources used to produce a good but for which no monetary payment is actually made.

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Question 38

0.2pts

A production function shows the:

Group of answer choices

Maximum quantities of inputs required to produce a given quantity of output.

Minimum amount of output that can be obtained from alternative combinations of inputs.

Maximum output we can produce with varying combinations of factor inputs.

Output capacity of the entire economy.

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Question 39

0.2pts

The market value of all resources used in producing a good or service is expressed by:

Group of answer choices

Fixed costs.

Implicit costs.

Total costs.

Variable costs.

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Question 40

0.2pts

At any given rate of output, the difference between total cost and fixed cost is:

Group of answer choices

Average variable cost.

Marginal cost.

Zero in the short run.

Variable cost.

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Question 41

0.2pts

A patent gives a firm the exclusive right to produce a product for:

Group of answer choices

Forever.

2 years.

20 years.

6 months.

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Question 42

0.2pts

Marginal revenue measures:

Group of answer choices

All of the above.

The difference between the revenue gained from increasing output by 1 unit and the revenue lost from the resulting lower price.

The change in total revenue resulting from a 1 unit change in output.

The slope of the total revenue curve.

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Question 43

0.2pts

For a monopolist, the profit-maximizing rate of output occurs where:

Group of answer choices

P = MC.

MC = minimum ATC.

MR = MC.

P = ATC.

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Question 44

0.2pts

Which of the following is a barrier to entry in a monopoly market?

Group of answer choices

All of the above.

A rising long-run average total cost curve.

A patent on a new product.

Economic profits greater than zero for the monopolist.

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Question 45

0.2pts

Price discrimination is best defined as:

Group of answer choices

The selling of an identical good at different prices to different consumers by a single seller.

The charging of different prices by different companies for the same product.

The selling of differentiated goods to consumers at different prices.

Charging an excessive price for a product.

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Question 46

0.2pts

A monopoly has a high degree of market power because of:

Group of answer choices

Barriers to entry.

A downward-sloping demand curve for its product.

The lack of close substitutes for its product.

All of the above.

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Question 47

0.2pts

Markets that exhibit economies of scale over the entire range of market output:

Group of answer choices

Have upward-sloping long-run average total cost curves.

Have downward-sloping short-run average total cost curves.

Are perfectly competitive.

Are natural monopolies.

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