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What happens to consumer surplus as price falls along a given demand curve?

A) It always increases.

B) It always decreases.

C) It never changes.

D) It increases only if price increases just a little.

E) It depends on the elasticity of demand and supply.

If price-taking firms are required to install wet scrubbers on their chimneys to meet EPA regulations and their costs increase as a result, we would expect

A) demand for the product to fall

B) the market supply curve to shift to the left

C) the long-run economic profit of individual firms in the industry to fall

D) the short-run economic profit of individual firms in the industry to remain unchanged

E) short-run profits to rise as the industry raises price more than the cost of pollution

Which of the following is true of perfect price discrimination compared to charging a single price?

A) Output is greater.

B) Output is the same, but profit is higher.

C) Output is lower, but profit is higher.

D) Output is lower, and profit could be higher or lower.

E) Output is the same, but profit is lower.

Patents stimulate investment

A) by giving inventors an incentive to incur up-front costs of developing new products

B) by giving tax breaks to inventors

C) by guaranteeing a profit from new products

D) by lowering interest rates

E) through government payments that cover costs of research and development

Which of the following does a monopoly control, that a perfectly competitive firm does not control?

A) how much to produce

B) technology

C) what price to charge

D) what inputs to use

E) plant size

A firm with positive accounting profit may be suffering an economic loss.

A) True B) False

For a perfectly competitive firm,

A) P = MR at all output levels

B) P = MR at the profit-maximizing quantity only

C) P > MR at all output levels

D) P < MR at the profit-maximizing quantity only

E) P < MR at all output levels

thanks for the help!

If marginal cost is less than average total cost,

A) marginal cost must be falling

B) average total cost must be increasing

C) average variable cost equals average total cost

D) average variable cost must be decreasing

E) average variable cost may be increasing or decreasing

Opportunity cost usually

A) cannot be measured

B) applies to labor but not to capital

C) is involved in calculating economic profit

D) is greater than the cash payment made to a resource

E) is less than the cash payment made to a resource

Long-run average costs are the same as long-run total costs

A) True

B) False

Cash payments for steel to be used in production would be an example of

A) sunk costs

B) fixed costs

C) explicit costs

D) implicit costs

E) entrepreneurial cost

For which of the following is demand likely to be the most price inelastic?

A) furniture

B) automobiles

C) hotel rooms

D) airline travel

E) candy bars

in my opinion, would it be automobiles because it's a neccessity?

If the price of a good doubles and quantity supplied triples, then

A) demand is elastic

B) demand is inelastic

C) supply is inelastic

D) supply is elastic

E) there is insufficient information to reach any conclusion about the price elasticity of supply

As price decreases along a linear demand curve, price elasticity of demand decreases.

A) True

B) False

11.

If income rises and the demand for a product remains unchanged, the income elasticity of demand for that product is unit elastic.

A) True

B) False

The law of demand states that

A) quantity demanded is inversely related to price

B) quantity demanded is directly related to income

C) marginal utility is inversely related to quantity consumed

D) total revenue is directly related to price

E) demand curves are linear

If demand increases and supply decreases,

A) equilibrium price will fall and equilibrium quantity will rise

B) equilibrium price and quantity will both rise

C) equilibrium quantity will rise; equilibrium price will either rise or fall

D) equilibrium price will fall; equilibrium quantity will either rise or fall

E) equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged

If pretzels are a normal good, the income effect of a price change means that

A) as income increases, the quantity demanded increases along the demand curve for pretzels

B) as income increases, the demand curve for pretzels shifts rightward

C) as income increases, the demand curve for pretzels shifts leftward

D) as the price of pretzels increases, the real income of individuals who demand pretzels decreases, so the quantity demanded of pretzels decreases

E) as the price of pretzels increases, income increases

If one dollar is initially equal in value to one euro and demand for euros increases, then each dollar will be worth

A) more than one euro, and European imports will be cheaper in the United States

B) less than one euro, and European imports will be more expensive in the United States

C) more than one euro, and European imports will be more expensive in the United States

D) less than one euro, and European imports will be cheaper in the United States

E) the same as the euro, and there will be no change in the values of imports or exports

Suppose you drink more tea because the price of coffee has increased. Which of the following best explains your action?

A) the law of supply

B) tea and coffee are complements

C) the substitution effect

D) the income effect

E) your nominal income has increased

A spring is compressed between two cars on a frictionless airtrack. Car A has four times the mass of car B, MA = 4 MB , while the spring’s mass is negligible. Both cars are initially at rest. When the spring is released, it pushes them away from each other.

Which of the following statements correctly describes the velocities, the momenta, and the kinetic energies of the two cars after the spring is released? Note: Velocities and momenta are given below as vectors.

Objects with same mass travel toward each other on a flat surface, each with a speed of 5.0 meter per second relative to the surface. The objects collide head-on and are reported to rebound after the collision, each with a speed of 10.0 meters per second relative to the surface.

Which of the following assessments of this report is most accurate?

A. If potential energy were released to the objects during the collision, the report could be true.

B. If the surface were inclined, the report could be true.

C. If there were no friction between the ob- jects and the surface, the report could be true.

D. Momentum was not conserved; therefore the report is false.

Use the given data to find the minimum sample size required to estimate a population proportion or percentage

Margin of error: .02

Confidence level 95%

p & q unknown

Is there a calculator short cut for this?

thnks