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Use the following demand and supply functions to answer the next three questions… 1. Equilibrium price and output are a. P = $7 and Q = 480.b. P = $10 and Q = 300.c. P = $20 and Q = 150.d. P = $100 and Q = 5,300.e. None of the above.2. If the price is currently $11, there is a a. Surplus of 110 units.b. Shortage of 240 units.c. Surplus of 350 units.d. Shortage of 700 units.e. None of the above.3. Let supply remain constant; an increase in income causes consumers to be willing and able to buy 220 more units at each price than they were previously. The new equilibrium price and quantity are a. P = $10 and Q = 520.b. P = $12 and Q = 400.c. P = $10 and Q = 80.d. P = $15 and Q = 600.e. None of the above.4. A “puppy boom” and an increase in the price of horse meat would cause the market price of dog food to a. Rise, fall, or remain unchanged depending on the magnitude of the changes, and the market output to rise.b. Rise and the market output to rise, fall, or remain unchanged depending on the magnitude of the changes.c. Rise and the market output to rise.d. Fall and the market output to rise, fall, or remain unchanged depending on the magnitude of the changes.e. None of the above.5. With a given supply curve, a decrease in demand leads to a. A decrease in equilibrium price and an increase in equilibrium quantity.b. An increase in equilibrium price and a decrease in equilibrium quantity.c. A decrease in equilibrium price and a decrease in equilibrium quantity.d. No change in price and a decrease in equilibrium quantity.e. None of the above. 6. Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the following statements is correct? a. There is a shortage of Orange Bowl tickets at the box office price.b. The box office price is higher than the equilibrium price for Orange Bowl tickets.c. If the box office price were raised, the excess demand for Orange Bowl tickets would decrease.d. Both a and c.e. All of the above. The next 4 questions refer to the following:The capital stock is fixed at 50 units, the price of capital is $30 per unit, and the price of labor is $25 per unit.7. If the firm produces 40 units of output, what is total variable cost? a. $1.50.b. $60.c. $100.d. $2,400.e. None of the above.8. If the firm produces 20 units of output, what is average fixed cost? a. $1.50.b. $50.c. $150.d. $600.e. None of the above.9. How much does the 23rd unit of output add to the firm’s total cost? a. $75.b. $135.c. $750.d. $1,350.e. None of the above.10. If the firm produces 30 units of output, how many units of labor does the firm use? a. 30.b. 45.c. 54.d. 60.e. None of the above. The next 4 questions refer to the following:11. What is the total fixed cost when 400 units of output are produced? a. $500.b. $2000.c. $3500.d. $5000.e. None of the above.12. What is average total cost when 200 units of output are produced? a. $2.30.b. $2.50.c. $4.00.d. $4.80.e. None of the above.13. What is average fixed cost when 300 units of output are produced? a. $0.60.b. $3.00.c. $160.d. $500.e. None of the above.14. What is the marginal cost of the 250th unit of output? a. $0.14.b. $2.40.c. $4.00.d. $7.40.e. None of the above.15. Average fixed cost a. Increases as output increases.b. Decreases as output increases.c. Increases if marginal cost is increasing.d. Increases if marginal cost is greater than average fixed cost.16. Which of the following is a characteristic of a monopoly market? a. One firm is the only supplier of a product for which there are no close substitutes.b. Entry into the market is blocked.c. The firm can influence market price.d. All of the above. 17. In a monopoly market, a. Other firms have no incentive to enter the market.b. Profits will always be positive because the firm is the only supplier in the market.c. The demand facing the firm is downward-sloping because it is the market demand.d. a and b.e. None of the above.18. A monopolist a. Can raise its price without losing any sales because it is the only supplier in the market.b. Can earn a greater than normal rate of return in the long run.c. Always charges a price that is higher than marginal revenue.d. Both a and b.e. Both b and c.19. A firm with market power a. Can increase price without losing all sales.b. Faces a downward-sloping demand curve.c. Is the only seller in a market.d. Both a and b.e. All of the above.20. One method of measuring the extent of a firm’s market power is a. The Lerner index.b. Price elasticity of demand for the firm’s product.c. Income elasticity of demand for the firm’s product.d. Both a and b.e. All of the above.
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