Econ 122 Exam 3

39 Questions  I  By Tclea3
ECON 122 exam 3

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  Assume the market for organic produce sold at farmers markets is perfectly competitive. All else equal,as equilibrium price of the produce and sell organic produce at farmers' markets, what is likely to happen to the equilibrium price of the produce and profits of the organic farmers in the long run?
A.
B.
C.
D.
2.  Which of the following is a characteristic of a monopoly?
A.
B.
C.
D.
3.  Perfect competition is characterized by all of the following except?
A.
B.
C.
D.
4.  Both buyers and sellers are price takers in a perfectly competitive market because?
A.
B.
C.
D.
5.  Jason, a high school student, mows lawns for families in his neighborhood. The going rate is $12 for each lawn-mowing service. Jason would like to charge $20 because he has more experience mowing lawns than the many other teenagers who also offer the same service. If the market for lawn mowing services is perfectly competitive, what would happen if Jason raised his price.
A.
B.
C.
D.
6.  In a perfect competition
A.
B.
C.
D.
7.  Table 12-1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases.  Assume that output can only be increased in batches of 100 units What is the fixed cost of production?
A.
B.
C.
D.
8.  Refer to Table 12-1 If the market price of each camera case $8, what is the profit-maximizing quantity, what Is the profit maximizing quantity?
A.
B.
C.
D.
9.  Refer to table 12-1 If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss?
A.
B.
C.
D.
10.  Refer to table 12-1 If the firm is producing 700 units
A.
B.
C.
D.
11.  Refer to figure 12-1 if the firm is producing 200 units
A.
B.
C.
D.
12.  Refer to figure 12-2 Suppose the firm is currently producing Q2 units. What happens if it expands output to Q3 units?
A.
B.
C.
D.
13.  Refer to figure 12-4 If the market is $30, the firm's profit-maximizing output level is
A.
B.
C.
D.
14.  Refer to table 12-4 If the market price is30 and the firm is producing output, what is the amount of the firm's profit or loss?
A.
B.
C.
D.
15.  Figure 12-5 shows cost and demand curves facing a typical firm in a constant-cost, perfectly competitive industry. If the market price is $20, what is the amount of the firms profit?
A.
B.
C.
D.
16.  Refer to figure 12-8 Consider typical firm in a perfectly competitive industry that makes short-run profits. Which diagram in the figure shows the effect on the industry as it transitions to a long run equilibrium?
A.
B.
C.
D.
17.  A monopolist faces
A.
B.
C.
D.
18.  Which of the following is a characteristic shared by a perfectly competitive firm and monopoly?
A.
B.
C.
D.
19.  A patent or copyright is a barrier to entry based on
A.
B.
C.
D.
20.  Governments grant patents to encourage
A.
B.
C.
D.
21.  What is a network externality?
A.
B.
C.
D.
22.  Because a monopoly's demand curve is the same as the market demand curve for its product
A.
B.
C.
D.
23.  Refer to figure 15-1 To maximize profit, the firm will produce
A.
B.
C.
D.
24.  Refer to figure 15-1 The firms average total cost curve is ATC2, the firm will
A.
B.
C.
D.
25.  Refer to table 15-1 What Is the marginal revenue from the sale of the 12th unit?
A.
B.
C.
D.
26.  Refer to table 15-1 what is the firms profit-maximizing output and what is the price is charged to sell this
A.
B.
C.
D.
27.  Refer to figure 15-2 suppose the monopolist represented in the diagram above produces positive output. What is the profit-maximizing/loss-minimizing output level?
A.
B.
C.
D.
28.  Refer to figure 15-2 suppose the monopolist represented in the diagram above produces positive output. What is the price charged at the profit-maximizing/loss-minimizing output level?
A.
B.
C.
D.
29.  Economic efficiency in a free market occurs when
A.
B.
C.
D.
30.  Refer to figure 15-5 what is the economically efficient output level?
A.
B.
C.
D.
31.  Refer to figure 15-5 what is the difference between the monopoly's price and perfectly competitive industry's price?
A.
B.
C.
D.
32.  Refer to figure 15-9 the firm would maximize profit by producing
A.
B.
C.
D.
33.  Refer to figure 15-9 if the government regulates Erickson power company so that the firm can earn a normal profit, the price would be set at ____ and the output level is___.
A.
B.
C.
D.
34.  Refer to figure 15-9 what is the economically efficient output level and what is the price at that level?
A.
B.
C.
D.
35.  Refer to figure 15-7 following the entry of Verizon,the subscription price falls from Pm to Pc. what is the increase in consumer surplus as  a result of his change?
A.
B.
C.
D.
36.  Refer to 15-7 what Is the size of the deadweight loss prior to Verizon entering the market and what happens to this deadweight loss after Verizon does enter the market?
A.
B.
C.
D.
37.  Which of the following is not a way by which price discriminating firms can segment a market?
A.
B.
C.
D.
38.  Refer to table 16-2 how many tubes of toothpaste will Neem sell in Middle Fall and at what price?
A.
B.
C.
D.
39.  refer to table 16-2 how many tubes of toothpaste will Neem sell In west fall and at what price?
A.
B.
C.
D.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz