mid term2 - Form B ECON1001I 1st term 2009-2010 Mid Term...

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Form B ECON1001I 1st term 2009-2010 Mid Term Exam Two Subclass (E or F): ________________________ Name: ________________________________ University Number: ________________________ (1) Don’t open this exam until you are told to do so. Read the entire exam before you start. The exam is worth 100 total points. (2) Follow the instructions at the beginning of each section. Please answer in permanent ink. No pencil please. (3) There are two parts in this exam covering 6 pages. (4) GOOD LUCK! 1
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Part I. Answer all question (48 points). Choose the best answer for each question and write it down in the following table. No scores will be given if you only circle your choice in the question but do not write down. Your answers 1. _________ 2. ___________ 3. __________ 4. _________ 5. _________ 6. _________ 7. ___________ 8. __________ 9. _________ 10. ________ 11. ________ 12. __________ 13. _________ 14. ________ 15. ________ 16. ________ 17. __________ 18. _________ 19. ________ 20. ________ 21. ________ 22. __________ 23. _________ 24. ________ 25. ________ 1) Which of the following is an accurate definition of producer surplus? a) The difference between the higher price a firm actually received and the lower minimum price the firm would have accepted. b) The difference between the higher price a firm received and the lower price received by its competitor. c) The difference between the higher price a firm received and the lower price received by the previous owner of the business. d) The difference between the highest and lowest prices received by any pair of producers within a special period of time. 2) Perfectly price discriminate is that, a monopoly will charge each buyer the 3) In perfect competition, the marginal revenue of an individual firm
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