Lec 8 Questions - Econ 101 Class 8 Questions 1 Over the...

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Econ 101 Class 8 Questions 1. Over the next several years, it is reasonable to predict that the ratio of larger to smaller vehicles made in the U.S. will… A. Rise as the market price of larger cars falls. B. Rise as a result of the increased cost of gasoline. C. Fall as the market price of larger cars falls. D. Fall as a result of the increased cost of gasoline. ** 2. Search Time (Hours) Total Number of Cans Found 0 0 1 600 2 1000 3 1300 4 1500 5 1600 If Harry can wash dishes for $6.00 per hour or earn $0.02 per recycled can, how many hours per day should Harry devote to recycling? Harry should spend No More than: A. One hour B. Two hours C. Three hours **
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Unformatted text preview: D. Four hours 3. A supply schedule is upward sloping because at higher prices A. Customers are willing to pay more for the good. B. Firms perceive that the marginal cost of producing the good has increased. C. Firms perceive that the marginal benefit of producing the good has increased. ** D. Customers switch to substitute goods. 4. The firm in a competitive industry perceives its demand schedule to be horizontal because it… A. Has a substantial control over its price. B. Can sell only a certain amount of the good as if there were a quota. C. Can sell as much as it wants at the market price. ** D. Has a constant marginal cost of production....
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