5 Written questions
5 Matching questions
- If consumers save 21 cents out of every dollar received, the:
- Which of the following events would cause a rightward shift in the supply curve for automobiles?
- Which of the following is an example of labor as a factor of production?
- The planning period over which at least one resource input is fixed in quantity is the:
- In the long run, a company will stay in business as long as price is:
- a MPS is 0.21.
- b Short run.
- c An improvement in the technology used to produce automobiles.
- d Greater than or equal to average total costs.
- e The skills and abilities of workers.
5 Multiple choice questions
- Oligopoly but not perfect competition.
- Leftward shift of the curve
- Quantity demanded is very responsive to changes in price.
5 True/False questions
Suppose a monopoly firm produces software and can sell 10 items per month at a price of $50 each. In order to increase sales by one item per month, the monopolist must lower the price of its software by $1 to $49. The marginal revenue of the 11th item is: → $19 trillion.
If demand is unitary elastic, then a price cut: → Quantity demanded is very responsive to changes in price.
The invisible hand is most consistent with: → Price and quantity demanded are inversely related.
In terms of pricing, which of the following is not true for a monopolist? → It must be minted by the government in order to have value
An industry in which a few large firms supply most or all of a product is known as: → Wages.